Federal Reserve Bulletin, 1930-03

FEDERAL RESERVE BULLETIN MARCH, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Condition of All Member Banks Annual Report of the Bank of France UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: ROY A. YOUNG, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. IMLAY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research and Statistics. Chief, Division of Examination, and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) HERBERT K. HALLETT. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) -_ HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr. District No. 7 (CHICAGO) FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of- Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. W. P. G. Harding... W. W. Paddock j W. Willett. New York J. H. Case Geo. L. Harrison L. F. Sailer ! J. W. Jones.* E. R. Kenzel | Ray M. Gidney.t A. W. Gilbart I W. B. Matteson.i L. R. Rounds _>j C. H. Coe.i J. E. Crane j J. W. Jones, i Walter S. Logan j J. M. Rice.i Allan SprouU Philadelphia- _| R. L. Austin Geo. W. Norris Wm. H. Hutt ! C. A. Mcllhenny. W. G. McCreedy.» Cleveland _| George DeCamp.. E. R. Fancher M.J.Fleming..-. | H. F. Strater. Frank J. Zurlinden j Richmond _| Wm. W. Hoxton.. George J. Seay C. A. Peple... ! Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.» Atlanta _ Oscar Newton Eugene R. Black Hugh Foster M. W. Bell. ! Creed Taylor Chicago J. B. McDougal C. R. McKay.. ' W. C. Bachman.* .! Wm. A. Heath... JohnH. Blair I K. C. Childs.2 J. H. Dillard.» D. A. Jones.* O. J. Netterstrom.* St. Louis ! Rolla Wells. Wm. McC. Martin. 0. M. Attebery. A. H. Haill.a F. N. Hall.* S. F. Gilmore.1 G. O. Hollocher.i C. A. Schacht.a j Minneapolis.._ John R. Mitchell- W. B. Geery Harry Yaeger ._ Gray Warren. H. I. Ziemer _ Frank C. DunlopJ ] Kansas City M. L. McClure... W. J. Bailey C. A. Worthington J. W. Helm. J. W. Helm | Dallas C.C.Walsh Lynn P. Talley R. R. Gilbert Fred Harris. R. B. Coleman W. 0. Ford.1 i San Francisco . Isaac B. Newton.. Jno. U. Calkins Wm. A. Day Wm.M. Hale. | Ira Clerk i Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— i Managing director Federal Reserve Bank of— Managing director i New York: 1 Minneapolis: Buffalo branch .; R. M. O'Hara. Helena branch R. E. Towle. Cleveland: ' Kansas City: Cincinnati branch ! C. F. McCombs. Omaha branch L. H. Earhart. Pittsburgh branch ! J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch _! A. H. Dudley. Dallas: Charlotte branch ; Hugh Leach. El Paso branch __ J. L. Hermann. Atlanta: I Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch... _ M. Crump. Jacksonville branch I W. S. McLarin, jr. San Francisco: Birmingham branch.__ I A. E. Walker. Los Angeles branch W. N. Ambrose. Nashville branch— ! J. B. Fort, jr. Portland branch _ R. B. West. Chicago: j Salt Lake City branch _. W. L. Partner. Detroit branch i W. R. Cation. Seattle branch __ C. R. Shaw. St. Louis: | Spokane branch D. L. Davis. Louisville branch i W. P. Kincheloe. Memphis branch. _| W. H. Glasgow. Little Rock branch , A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDEKAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of th« United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 97 Reserve-bank credit—Member-bank credit—Analysis of member-bank credit. Condition of all member banks on December 31, 1929 132-137 Annual report of the Bank of France 112 Australia—Text of Commonwealth Bank Act 116 National summary of business conditions 101 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes 102 Analysis of changes in monetary gold stock 102 Gold movements to and from United States 102 Member bank borrowings at Federal reserve banks 103 Discount rates and money rates 103, 104 Member bank credit 105 Bankers' acceptances and commercial paper outstanding 105 Brokers' loans 105 Commodity prices, security prices, and security issues 106 Production, employment, and car loadings 107 Industrial production and building 108 Factory employment and pay rolls 109 Banking and business conditions in Federal reserve districts: Reserves, deposits, note circulation, and reserve percentages of Federal reserve banks 110 Discounts of Federal reserve banks 110 Bank debits 110 Building 110 Department stores—Indexes of sales and stocks 111 Commercial failures 111 Bank suspensions 111 Financial statistics for foreign countries: Gold holdings of central banks and Governments 118 Gold exports and imports 118 Condition of central banks 119, 120 Condition of commercial banks 121 Discount rates of central banks 122 Money rates 122 Foreign exchange rates 123 Price movements 124 Industrial statistics for England, France, Germany, and Canada 126 Changes in National and State bank membership 128 Fiduciary powers granted to national banks 130 Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 131 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 16 MARCH, 1930 No. 3 REVIEW OF THE MONTH Return flow of currency from circulation was the principal factor in the decrease in reserve- Liquidation of bank credit, which began last bank credit in the early weeks of this year, as in November, continued, though at a slower rate, other years. The return flow this year, howin February. The decrease during the month ever, amounting to $468,000,000, was much was in loans other than loans on securities and larger than usual, reflecting in part decreases reflected largely the diminution in current credit in pay rolls and reduced activity in retail trade. requirements of trade and industry. The Member-bank reserve balances also declined volume of reserve-bank credit outstanding also much more than in either of the two preceding continued to decline, the reduction being years, the decrease corresponding to the large entirely in discounts for member banks, which liquidation of member-bank credit discussed toward the end of February were at the lowest elsewhere in this review. There was also an level in more than two years. Money rates on increase of $36,000,000 in monetary gold stock, most classes of paper showed a further down- which further reduced the demand for reserveward movement, and discount rates at the Fed- bank credit. The movement of gold to Europe, eral Reserve Banks of New^ York, Chicago, which was considerable in November and Boston, and Kansas City were reduced from December, when foreign funds were withdrawn 02 to 4 per cent, while those at banks that had from the New York market, was arrested in a 5 per cent rate were reduced to the 4% per January, when money rates in European marcent level. kets declined more rapidly than in New York. During the week ended February 22 the At the same time there were imports of gold volume of reserve-bank credit, at $1,168,- principally from Japan and Brazil, resulting in 000,000, was $571,000,000 be- a net increase in this country's stock of gold. Reserve-bank credit low the seasonal peak at the Liquidation of member-bank credit in recent close of last December, show- weeks is indicated on the chart, which shows ing the largest decrease for any similar period separately since 1927 total loans in recent years. This unusually large decline Member-bank and investments of member in reserve-bank credit was the consequence of credit banks in New York City and of several factors, as is brought out in the follow- member banks in other leading cities, and also ing table. loans to brokers in New York for the account of nonbanking lenders. As this chart brings out, RESERVE-BANK CREDIT AND PRINCIPAL FACTORS IN CHANGES credit expansion at member banks was rapid [Weekly averages of daily figures. In millions of dollars] both in New York City and outside during 1927 and the early part of 1928, but came to an end Changes between weeks ending— in May and June, 1928. Member-bank credit, in fact, showed little further growth until j Dec. 28, ! Dec. 29, Dec. 24, 1929, and j 1928, and1927, and October, 1929, and the active demand for ! Feb. 22, i Feb. 23, Feb. 25, ! 1930 j 1929 1928 security loans during the period was supplied by funds from nonbanking lenders. In the last Reserve-bank credit; outstanding. -571 i -406 Monetary gold stock _____ +36 I +4 -30 part of October, at the time of the break in the Money in circulation -468 -383 -406 Member bank reserve balances _ _ _ -86 : -27 -26 security market, loans for the account of non- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN MARCH, 1930 banking lenders were withdrawn in large vol- Statistics covering loans and investments of ume, and New York City member banks took all member banks, which have now become over these loans, with a consequent unprece- available for December 31,1929, dented growth in their own security loans. At b A e n r a -b ly a s n is k o c f r m ed e i m t - an , mcrease ° f SeVen" MILLIONS Of DOLLARS MILLIONS OF DOLLARS tenths of 1 per cent during 16000| REPORTING MEMBER BANKS 1929, as compared with an increase of 4 per OUTSIDE NEW YORK CITY cent in 1928, 8 per cent in 1927, and 7 per 15000 cent on the average for the years 1922-1927.l Recent reports for member banks on call ttOOO dates include a classification of loans and investments which permits a more significant analysis of the response of member banks to REPORTING MEMBER BANKS IN NEW YORK CITY conditions in the money market than was possible on the basis of reports prior to 1929. From the figures which are now available it is apparent that member banks increased their loans to local customers through the larger part of 1929, while they reduced their short and long term investments in the open market. This is shown in the accompanying table, in which loans and investments of all member banks, 200 exclusive of interbank loans, on call dates during 1929 are classified so far as possible into 100 (1) loans made to local customers, (2) shortterm loans made in the open market and short- 1927 1928 1929 1930 term United States Government securities, and (3) all other investments. Although this disthe same time member banks both in New York tribution does not classify, with complete and outside increased their loans to customers who were in need of funds partly as a conse- ALL MEMBER BANKS—DISTRIBUTION OF TOTAL LOANS AND INVESTMENTS (EXCLUSIVE OF INTERquence of the drop in security prices. Since BANK LOANS) DURING 1929 that time the entire growth of bank credit [In millions of dollars] caused by the stock-market break has been Mar. 27 | June 30 Oct. 4 Dec. 31 liquidated, and the volume of member-bank credit has fallen to the level of the summer of Loans to local customers: 1929. At banks in leading cities outside of New On real estate 3,123 3,164 3,152 3,191 On securities 7,540 7,734 8,109 8,488 York liquidation has proceeded even further, Allother _ 11,240 11,618 11,988 11,515 and the volume of their total loans and invest- Total loans to local customers 21,903 22, 516 23,249 23,194 ments is little larger than it was two years ago. Short-term open-market loans and investments 3,754 3,514 3,191 2,914 Total liquidation of security loans, both by All other investments 9,188 9,009 8,833 9,112 banking and nonbanking lenders between October, 1929, and February, 1930, can be accuracy, all member-bank credit according to estimated at $4,750,000,000, of which $4,250,these three categories, the distribution accord- 000,000 represents liquidation of security loans ing to classes is much more accurate than has for the account of nonbanking lenders and ever been possible on the basis of previous call $500,000,000 for the account of member and reports and presents a correct picture of the nonmember banks. During recent months the slackening of business activity has been re- 1 Condition figures for all member banks are published on pp. 132-137 flected in a liquidation of commercial loans. of this issue of the BULLETIN, and in more detail, by States and cities, in Member-Bank Call Report No. 46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

99 MARCH, 1930 FEDERAL RESERVE BULLETIN principal changes in the position of member ances, and there was also a further transfer banks during the period. of funds from short-term United States security As the table shows, real-estate loans by issues to long-term bonds. member banks increased slightly from March 27 A further analysis of the new call-report to October 4, while loans to local customers on figures, by classes of member banks, is presecurities, which include loans to local dealers sented in the following table, which shows total in securities, increased by $569,000,000, and loans and investments of member banks, exclu- "all other'' local loans by $748,000,000. This sive of loans to banks, separately for member indicates a total increase in loans to local cus- banks in New York City, in other reserve cities tomers of $1,346,000,000 between March 27 including Chicago, and in country banks: and October 4. In order to meet this demand DISTRIBUTION OF MEMBER BANK CREDIT (EXCLUSIVE for credit by local customers in a period of OF LOANS TO BANKS), BY CLASSES OF BANKS firm money, member banks decreased their DURING 1929 fin millions of dollars] participation in the open market by the amount of $918,000,000. About two-thirds of this Mar. lune Oct. Dec. 27 30 4 31 decrease occurred in short-term open-market loans and investments and about one-third in New York City banks: 1 Loans to customers 4,253 4,532 : 4,846 4,964 other investments. The figures indicate that, Short-term open-market loans and investments.. 1,594 1,766 •• 1,444 1,585 as a whole, member banks throughout the Other investments 1,628 1,548 1,559 1,902 Banks in other reserve cities (includperiod of increasing speculative demand for ing Chicago): Loans to customers. 9,286 9,434 ! 9,775 9,748 credit in 1929 increased their loans to local Short-term open-market loans and investments-__ 1,199 912 : 890 691 customers, and did so largely by withdrawing Other investments _ 3,182 3,179 3,024 3,001 Country banks: funds from the open market. These withdraw- Loans to customers. 8,364 8,551 8,628 8,482 Short-term open-market loans als were a factor in raising money rates in the and investments ., 961 836 ! 858 638 Other investments 4,377 4,283 ; 4,249 4,209 open market, and the high rates in turn attracted funds from nonbanking lenders. i Central reserve city banks. Between October 4 and December 31, the This table indicates that between March 27 dates of the last two call reports, the break in and October 4 banks in all parts of the country the stock market was reflected in an increase of felt the increased demand for local loans, di- $380,000,000 in security loans to local customers. minished their participation in the short-term There was also a small increase in loans on open markets, and reduced their other investreal estate, but customers' loans as a whole ments. Between October 4 and December 31, declined somewhat, as these increases in local however, the period covering the break in the demands for funds were more than offset by a stock market and subsequent weeks of easier decrease of $473,000,000 in demand for credit conditions in the central money market, there by other local borrowers. This decrease re- were considerable differences between developflected largely the reduced demand for commer- ments at banks in New York City and outside. cial credit which in the final quarter of the year Notwithstanding the considerable liquidation of accompanied the slackening of industrial activ- loans at banks in New York City in November ity. Member-bank holdings in the open market and December, total loans and investments of as a whole were in about the same volume at these banks at the end of the year were conthe end of December as at the beginning of siderably larger than on October 4. This in- October, but the composition of these hold- crease is attributable in part to loans taken ings underwent considerable change during the over by these banks from nonbanking lenders quarter; the low rates and slackened demand in October and November, in part to a temfor funds in the call-loan market in New York porary increase in loans occasioned by end-ofwere reflected in a transfer of member-bank year developments, and in part also to investfunds from loans to brokers in New York to ments made during the period of easier money open-market commercial paper and accept- after the stock-market break. Outside New Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN MARCH, 1900 York City, on the other hand, at country officers as ex officio members and Messrs. Potter, Rue, Creech, and Smith will comprise the banks as well as at banks in other reserve executive committee. Mr. Walter Lichtencities, there was liquidation in all three major stein was appointed secretary of the council. classes of member-bank credit. Mr. Herbert K. Hallett has been appointed to Since the beginning of the new year reporting represent the Boston district in place of Mr. member banks in leading cities have further Arthur M. Heard, Mr. George H. Prince to reduced both their loans on securities and their represent the Minneapolis district in place of Mr. Theodore Wold, and Mr. Walter S. other loans. The banks of the country, there- McLucas to represent the Kansas City district fore, enter upon the approaching spring season, in place of Mr. W. P. Goebel. No other changes which is usually characterized by increased have occurred in the membership of the credit requirements from commerce, industr}^ council. and agriculture, having liquidated during recent months a considerable part of their open- Changes in Discount Rates market holdings, reduced somewhat their loans to local customers, and paid off a substantial The discount rate on all classes and maturiamount of their borrowings at the reserve ties of paper was reduced from 5 to 4K per cent at the Federal Reserve Bank of Richmond, banks. effective February 7; at the Federal Reserve Banks of Cleveland, Minneapolis, and Dallas, Change of Agent at New York Bank effective February 8; at the Federal Reserve Bank of St. Louis, effective February 11; and Mr. Gates W. McGarrah, who has served as from 02 to 4 per cent at the Federal Reserve Federal reserve agent and chairman of the Bank of New York, effective February 7; at board of directors of the Federal Reserve Bank the Federal Reserve Bank of ^Chicago, effective of New York since May 1, 1927, has resigned, February 8; at the Federal Reserve Bank of effective February 27. Boston, effective February 13; and at the The board has appointed Mr. J. H. Case, Federal Reserve Bank of Kansas City, effective deputy governor of the Federal Reserve Bank February 15. of New York, as class "C" director of the New York bank for the unexpired portion of the term of Mr. McGarrah, which ends December Changes in Foreign Central Bank Discount Rates 31, 1931, and has designated him as Federal reserve agent and chairman of the board of The following changes have been made in the directors of the bank. discount rates of central banks in foreign countries: January 31, Bank of Poland from 8}i to 8 per cent; February 5, German Reichs- Meeting of the Federal Advisory Council bank from 6K to 6 per cent; February 6, Bank The first meeting of the Federal Advisory of England from 5 to 4% per cent; February 10, Council for 1930 was held on Tuesday, February Bank of Java from 5% to 5 per cent; February 18. Frank O. Wetmore, of Chicago, was 11, Austrian National Bank from 7 to 6% per reelected president and B. A. McKinney, of cent; and February 13, National Bank of Hun- Dallas, was reelected vice president. These gary from 7 to 6% per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAKCH, 1930 FEDERAL RESERVE BULLETIN 101 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 21 and released for publication February 24] Industrial production increased in January month, but by a smaller amount than is usual from the extreme low level of December. at this season. During the first two weeks Factory employment, which was in relatively in February there was some increase in shipsmall volume in the middle of December, was ments, largely seasonal in nature. further reduced bj the middle of January, but Department-store sales in January, accordpreliminary reports indicate a slight increase ing to preliminary figures received by the in the three weeks following. There was a Federal reserve system, were about 2 per cent further liquidation of bank credit and a decline lower than in the corresponding month of last in money rates. Commodity prices continued year, this difference being about the same as to move downward. was shown the month before. Production.—Industrial production showed Wholesale prices.—Wholesale prices of coman increase of about 4 per cent in January, modities in January continued to move downaccording to the board's index, which makes ward. In general, fluctuations were small allowance for the usual seasonal variations. until the latter part of the month, when de- This increase reflected principally a larger out- creases occurred in the prices of grains, cotton, put of automobiles, steel, cotton textiles, and wool, iron and steel, and petroleum. The shoes. Output of copper, cement, lumber, prices of meats and livestock fluctuated over a anthracite coal, and flour declined, and the wide range and averaged higher in January increase in bituminous coal output was smaller than in December. than is usual for the season. In the first two In the first half of February the prices of hogs, weeks of February steel plants increased their pork, and cattle increased, while the prices of rate of operation further, but continued to be wheat, cotton, pig iron, petroleum, and textiles less active than in the corresponding period of continued to decline. last year. Bank credit.—Liquidation of member bank Building contracts awarded showed little credit in January and the early part of Februchange in January, a substantial increase in ary was in substantially larger volume than in public works and utilities being in large part the corresponding period of 1929. Declines offset by a decrease in residential construction. were reported in loans on securities and in all In the first half of February the daily average other loans, which continued to decrease in of contracts was lower than in January. February, contrary to the usual seasonal trend. Employment and pay rolls.—The number of There was little change in the banks' holdings wage earners employed at factories declined of investments. further between the middle of December and The volume of reserve bank credit outstandthe middle of January, and wage payments ing declined by about $140,000,000 between the showed a larger reduction. In automobile and middle of January and the middle of February. steel plants there was an increase in employ- This decline was due in part to the reduction in ment in the month ending January 15, and in member bank reserve balances which accomrecent weeks further increases have been reported panied the decline in the banks' loans and infor these industries. There were decreases in vestments, in part to the continued return flow January in the number of wage earners em- of currency from circulation, and in part to ployed in the machinery, car building and gold imports, largely from Brazil and Japan. repairing, lumber, and cement industries. Money rates in the open market eased fur- During the 3-week period ending February ther. Rates on commercial paper declined to 3, the Bureau of Labor Statistics, on the basis a range of 4%-4% per cent, and rates on 60-90 of preliminary returns, reported a slight in- day bankers' acceptances declined from 4 to 3% crease in factory employment. and later to 3% per cent. Discount rates at the Distribution.—Shipments of freight w^ere in Federal Reserve Banks of New York, Chicago, about the same volume in January as in De- Boston, and Kansas City were reduced from 4% cember. Average daily loadings of miscel- to 4 per cent, and rates at Philadelphia, Clevelaneous freight and merchandise in less-than- land, Richmond, St. Louis, Minneapolis, and carload lots decreased slightly during the Dallas from 5 to 4K per cent. 97600—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN MARCH, 193Q FEDERAL RESERVE BANK CREDIT RESERVE BANE CREDIT OUTSTANDING AND FACTORS IN CHANGES [Averages of daily figures. In millions of dollars] I Reserve bank credit outstanding Factors of decrease l Factors of increase * Month or week B co il u ls n d te i d s- bo B u il g ls ht United I i r O b es t a e h n r e k v r e Total Mo s g t n o o e c ld t k ary o T c u u r t e r s r a t e a s n u n c r d y y -l ! Money M re b e s a m e n r b k v e e r m cl N e e m a o r n b in - e g r p c U e a n n p d e it x e a - d l i credit« ing I balances balances funds 1928—November. _ 897 471 238 47 ; 1,653 4,151 1,787 4,860 2,352 32 347 December 1,013 483 263 65 | 1,824 4,142 1,790 5,008 2,367 29 352 1929—January 859 473 229 52 '• 1,613 4,115 1,789 4,748 2,387 31 351 February 385 184 44 1,502 4,143 1,784 4,686 2,357 29 357 March 265 197 50 , 1,481 4,166 1,791 4,709 2,337 31 361 April 1,004 156 165 52 ; 1,377 4,226 1,785 4,679 2,308 35 366 May _ 956 145 153 j 49 I 1,303 4,292 1,787 4,684 2,296 32 370 June- 978 99 179 I 61 ! 1,317 4,311 1,779 4,687 2,314 30 376 J A u u l g y u . s . t - 1 1 , , 0 0 9 4 6 3 1 7 2 5 4 1 15 4 5 7 I i 54 1 1 , , 3 3 8 7 0 6 4 4, , 3 3 5 3 1 5 1 1 , , 7 7 9 8 0 1 4 4 , , 7 7 6 7 4 7 2 2 , , 3 3 3 2 4 2 3 2 1 7 3 3 7 8 6 2 September ! 969 229 165 64 1,427 4,368 1,766 4,811 2,335 28 387 N D O o e c c t v o e e b m m e b r b e e r r \ ; 8 8 9 8 0 5 5 3 3 3 3 2 2 3 9 0 7 6 4 3 1 4 1 5 6 5 4 6 7 7 7 4 4 1 1 1 , , , 6 4 6 5 4 3 0 3 1 4 4 4 , , ,3 3 3 8 2 7 1 4 4 1 1 1 , . , 7 7 7 8 9 8 9 7 5 i i 4 4 4 , , , 8 9 8 1 4 4 0 3 5 2 2 94, , ,3 5 O3O 9 2 RO 1 5 fi 3 2 o&o 7 3 o 3 39 9 5 2 1930—January 501 314 : 485 57 1,357 4,283 1,784 ' 4,652 2,349 29 February ; 378 285 j 480 38 1,181 4,319 1,781 ; 4,556 2,305 29 391 Week ending (Saturday)— | Feb. 1 i 415 273 ! 477 39 1,204 ' 4,290 1,775 4,550 2,299 26 394 Feb. 8 ! 393 290 478 41 1, 202 : 4,301 1,788 4,562 2,312 25 392 Feb. 15 j 390 276 479 41 1,186 j 4,313 1.798 ; 4,565 2,308 33 391 Feb. 22 : 366 282 | 481 39 1,168 i 4,328 1,771 ; 4,551 2,296 26 394 Mar. 1 i 360 289 ! 482 34 1,165 ! 4,344 1,765 4, 548 2,307 25 394 i For explanation see BULLETIN for July, 1929, pp. 432-438. 1 Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] * [In thousands of dollars] Increase or decrease (—) during month 1930 1929 Month dom ro e u st g i h c From or to— (p F re e l b im ru in ar a y ry) production, Im- Ex- Im- Ex- Im- Exetc.i ports ports ports ports ! ports ports 1928—January. 4,373 -6.0 -13. February 4,362 -11.2 -11.1 England 1 62, 396 21,086 March 4,305 -57.6 -94.9 France 20 8,497 202 65, 381 April _.. 4,266 -38.7 -91.2 Germany __ _. 23 126 46, 773 2,384 May 4,160 -105.7 -81.7 Italy 5 June 4,109 -51.0 -79.9 Netherlands 5 July 4,113 3.4 Poland 5,010 August 4,123 10.3 Switzerland 10,007 September 4,125 2.1 Canada _J 3,158 36 73,880 390 October. 4,142 17.3 Central America . ' 328 1,030 r 1,052 November. 4,128 -14.0 Mexico I 148 988 235 9,174 3,605 December. 4,141 13.2 Argentina. 295 72,478 Brazil : 11.777 5,430 Total (12 mos.) Chile 27 528 1929—January 4,127 -14.4 47.2 Colombia 1 214 5,292 February 4,153 .4 25.5 ' Ecuador 112 1 373 March 4,188 34.4 24.8 Peru 368 1,921 April. 4,260 72.4 23.1 Venezuela 48 383 1,600 May. 4,301 40.6 23.6 British India 87 June. 4,324 23.4 30.2 China and Hong July 4,341 16.3 34.7 Kong 721 13 ! 1,727 2,511 August. 4,360 18.9 18.4 Dutch East Indies 118 ! 1,199 1,280 September. 4,372 12.1 17.6 Japan 40 416 124 October. __ 4,386 14.4 ! 17.5 Philippine Islands 246 > 2 9fi9 November. 4, -19.8 -23.2 New Zealand 22 '715 •» December. 4,284 -82.3 -64.4 All other countries.. *2,554 »10 82 40 9,306 2,066 Total (12 mos.) Total. 255,042 158 12,908 8,948 291, 649 116, 583 1930—January February 1 Includes all movements of unreported origin or destination. * At New York—imports, $14,626,000; exports, $158,000. Elsewhere— 1 For explanation of this figure, which is derived from preceding imports. $40,416,000. columns, see BULLETIN for December, 1928, p. 831. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 MARCH, 1930 FEDEEAL RESERVE BULLETIN MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In millions of dollars] Reporting member banks m leading cities Member banks Total i outside leading cities i Month or date 1929 January 891 February 893 March __- 978" April._ : .---I 991 May I 951 June i 972 July.. -... ...| 1,100 August | 1,013 September... i 974 October 885 November 944 December 755 [ i i Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) bills discounted for intermediate credit banks and (2) notes secured by adjusted service certificates discounted for nonmember banks. FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prevailing rate on— Average rate Average yield Rate in ! ! Previous Federal reserve bank e M ffe a c r t c h o n 1 ! • Date established ! rate Call loans 1 U. S. j p. Prime Treas- B N Ph o e i w s l t a o d Y n e . o l _ r p k hia.. 4 4 4K> J F F a e e n b b . . . 1 7 1 6 , 3 , , 1 1 9 1 9 3 9 3 0 3 0 0 . _ ! : 5 4 5 i/ " 2 Month or week j * m 4 c e o t r o m c i 6 - a li i b e a r S n s ?" d l T o a i 9 a y m n 0 s s e , 2 New i newal c c n e a u a o r n t r t t e i y d e f s s i , - , 1 • T b u r o r e n y a d s- s' Cleveland V Feb. 8, 1930 5 |months days I 3 to 6 R A i t c la h n m ta o . nd 4 •V j D Fe e b c . . 7 10 , , 1 9 1 3 9 0 2 9 \ 5 Qn months; Chicago ' Feb. 8, 1930 i St. Louis 3; Feb. 11, 1930 ! 5 1929 Minneapolis.. 2, Feb. 8, 1930 ! 5 February 5 -5J4 7H 7.47 7.06 4.39 3.66 Kansas City.. ! Feb. 15, 1930 March 5H-5H 7H-8 9.80 9.10 «4.60 3.76 Dallas... V Feb. 8, 1930 April 5H ^9 9.46 8.89 4.80 3.67 San Francisco 2 Dec. 6, 1929 5 May 8^ 8.79 8.91 5.09 3.67 June 8 -8H 7.83 7.70 <4.80 3.71 July 7H-8 9.41 9.23 4.55 3.68 BUYING RATES ON ACCEPTANCES August _ 6 -6H\ -9 8.15 8.23 4.70 i 3. 72 September 8. G2 8.50 <4.58 [3. 70 [Buying rates at the Federal Reserve Bank of New York] October 7 -9 6.10 6.43 4.37 L 3. 67 November U 4*4-6 5.40 5.44 3.47 &345 Rate in ! December ! 394-4 m5 4.88 4.83 •3.03 Maturity e M ff a ec rc t h o n 1 i ' Date established Pre ra v t i e ous Januar 1 y 93 0 ! ; 4H-5 4H-5 4.31 4.64 3.39 3.51 February \ 4^-5 4H5 4.28 4.32 3.36 3.50 Week ending— i 1-15 days 3%i Feb. 11, 1930 ZH Feb. 1 i 4%-5 % 4.12 4.40 3.58 3.54 16-30 days %Y± do 3% Feb. 8 4%-5 4U5 4.22 4.40 3.58 3.49 31-45 days... 3%i do 3% Feb. 15 4i/2-4%I 3% 4^-4% 4.19 4.00 3.48 : 3.49 46-60 days tyi do Feb. 22 4^-4% 3% 4% 4.40 4.40 j 3.35 3.50 61-90 days 3%i do 4 l 91-120 days.. 3%i do 4 121-180 days 4MI do 4^ 1 Stock exchange call loans; new and renewal rates. 2 Stock exchange 90-day time loans. 3 3 issues—3%, 4, and 4J4 per cent; yields calculated on basis of last NOTE.—Rates on prime bankers' acceptances. Higher rates may be redemption dates—1956, 1954, and 1952. charged for other classes of bills. * Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN MARCH, 1930 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES WEIGHTED AVERAGES New York City 8 other nort c h i e ti r e n s and eastern western cities Month i 1927 1928 1929 i 1930 1927 1928 1929 | 1930 1992277 1928 1929 1930 I January 4.66 4.56 ' 5.74 5.64 4.99 4.73 5.87 5.88 5.72 5.53 5.94 6.12 February _ : 4.56 4.44 5.73 . 5.35 4.98 4.76 5.86 5.66 5.71 5.53 5.96 6.04 March ! 4. 56 4.59 5.81 i 4.88 4.81 5.91 5.65 5.54 6.04 April ._ .—i 4.63 4.72 5.85 . . 4.90 4.91 6.00 5.57 5.54 6.07 May __ I 4.63 4.97 5.88 4.95 5.04 6.09 5.59 5.56 6.10 June _ 4.60 5.09 5.93 4.93 5.36 6.02 5.54 5.67 6.16 July. 4.56 5.38 5.88 4.90 5.57 6.08 5.52 5.77 6.17 August : 4.41 5.56 6.05 4.87 5.59 6.11 5.53 5.80 6.22 September ! 4.44 5.63 6.06 — 4.77 5.80 6.24 5.61 5.82 6.27 October 4.49 5.63 6.08 4.79 5.80 6.25 5.56 5.87 6.29 November ' 4.35 5.56 5 86 4.82 5.82 6.12 5.56 5.90 6.29 December _ __! 4. 50 5.63 5.74 : 4.76 5.91 5.94 5.60 5.91 6.20 I NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given on preceding page). All averages are based on rates reported for three types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these three types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. PREVAILING QUOTATIONS j Loans secured by prime stock- Loans secured by warehouse Prime commercial loans exchange collateral receipts Interbank loans Federal reserve bank or branch city j Decem- January, Febru- Decem- • January, Febru- Decem- j January, Febru- Decem- ! January, Febru- I ber, 1929 j 1930 ary, 1930 ber, 1929 : 1930 ary, 1930 ber, 1929 j 1930 ary, 1930 | ber, 1929 , 1930 ber, 1930 New York City 5H-6 53/2-6 ! 534-6 •' o3x 2-6 5 -5 Boston 5 -5H 5 -5} 53^-6 Buffalo &A-VA 6 -6} 6 -7 6- 5^6 6 5 P P h it i t l s a b d u e r lp g h h i . a _ - . 51 V /2 2 -6 5 5 3^- - 6 6 6 6 6 5 ^ 3^ ^ - 6 6 6 6 5 D C Cl i e e n t v r c o e in l i a t n n a d ti 6 -7 6 5 6 3^- - 6 7 6 5 6 3^-6 -ey2 6 6 K-7 -8 6 '6 6 -6 -8 6 3^ 6 6 /2- - 7 6} 6 6 - - 7 8 6 -8 6 6 6 G 6 G 5 33 .H _ -4 3 - -- - 6 - 6 7 6 7 334 i , 6 6 ._ - -7 6 34 : 53 6 4 -7 -6 6 Chicago 6 -by 6 -%y2 6 5M-6 534-6 ! Richmond 5 -6 6 C Baltimore 6 6 J-G 5H-6 Charlotte 534-6 6 -63 6 G -7 6 Atlanta 6 -6} 6 6 -8 6 -6* Birmingham 6 -8 6 6 -8 6 -7 6 -7 6 -8 -8 6 -8 Jacksonville 5346 6 -7 6 -7 6 -7 6 -8 : 6 -8 6 -8 Nashville 6 6 6 6 534-6 New Orleans 6 -6) 6 -7 6 -7 6 —63/\ 6' 6 6 - St. Louis 5 -6 5 -6 /2 6 ' 5^-6 6 Little Rock 6 6 -8 i 6 -7 6 4-7 6 -7 6 -7 6 Louisville 6 6 -634 6 -6 6 e Minneapolis 6 ~6 c Helena 8 8 7/2-8^ 6 -8 -8 6 -& Kansas City 5H-6 %% 53^-6 6 53i-6 D O e k n la v h e o r ma City 6 7 -8 Q>}/2 8 -7 6 -7 8 6 7 4- - 8 8 - - 8 8 G 6 - - 8 8 6 6 2 6 -1 6 -6 6 3 D O a m ll a a h s a _ 5%-6 6 l 6 2-7 6 6 - - 8 7 6 6 - -8 6: 6 -6 6 3 3 - V 6 6 -& 6 6 -oy2 6 -6 G El Paso 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 8 I 6 6 e H Sa o n u s A to n n tonio 6 -7 6 6 -7 6 G -7 6 6 6 - - 7 8 6 -7 6 6 - - 8 7 6 -8 6 : 6 -8 6 KJ <2 - ~ 6 0 3/2 534-6 6 L S P S a a o o l n r s t t l A F L a r n n a a g k d n e e c l e i C s s c it o y . .. J \ | 5 6 M- - 6 6 6 6 6 5 M- - 6 6 6 6 > 6 6 6 6 3 4 - - - - 6 7 7 7 3/ 6 6 - - 7 / 1 i G G 6 6 - - - - G 7 6 7 ; 34 6 6 /2-7 —63-1 : 6 6' -8 G 6 5 6 3/2 5 6 - - & G 6 5 H H S S p ea o t k tl a e n e _. ! ! 6 6 6 34- -6 7 f NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 105 MEMBER BANK CREDIT BROKERS' LOANS REPORTING MEMBER BANKS BROKERS' BORROWINGS ON COLLATERAL IN N. Y. CITY REPORTED BY THE NEW YORK STOCK EXCHANGE [In millions of dollars. Monthly data are averages of weekly figures [Net borrowings on demand and on time. In millions of dollars] Loans and investments Borrowing From New From private Month or date ! Total Total L O o n a s n e s -j All i m n T v e o e n ta s t t s l - b D a t n o u k e s re F e s a e r e a t d r l v - e End of month Total ; an Y d o p r tr k a u n b s i t e a s n co k m s - f b o a a r g n e e i k g n s n c , i b e b s r a , o n k e k t e i c r n . s g , curitiesi other banks 1929 1930 1929 i 1930 ' 1929 1930 I To 1 t 9 a 2 l 9 : — J J A M N D A F S M O J u u e a e e u o p c a a b l n c n v r p g t r y y . e . t . i ! ! I | ! | ' ' I | i : 2 2 2 2 2 2 2 2 2 2 2 2 3 2 2 2 2 2 , 3 2 2 2 2 , , 3 , ( , 6 , 2 3 5 , 2 , , , , 3 , 1 4 4 4 1 6 3 0 8 4 6 2 2 7 7 1 6 1 3 1 8 6 3 0 4 9 2 3 5 2 ! : 1 1 1 1 1 1 1 1 1 1 1 8 6 6 6 6 6 7 6 7 6 6 , , , , , , , , , , , 1 9 4 3 0 4 2 2 9 4 7 9 6 6 0 7 4 9 0 5 6 8 7 4 9 0 ' 1 1 6 0 0 0 I 7 7 7 8 7 7 7 7 7 7 7 , , , , , , , , , , , 9 5 5 3 7 6 2 2 0 5 5 6 3 2 3 1 4 8 2 6 7 5 8 1 2 9 6 9 1 8 1 1 8 4 0 ! 2 : ; ! 9 9 9 9 9 9 8 9 9 9 8 8 , , , , , , , , , , , , 1 4 5 6 7 9 0 3 2 0 7 7 4 7 4 0 9 1 7 3 3 9 5 9 9 6 3 8 2 1 7 3 4 0 4 9 ! 1 1 , | | 5 5 5 5 5 5 5 6 5 5 6 5 , , , , , , , , , , , , 9 0 9 0 4 4 8 2 6 5 5 7 4 8 2 0 9 1 1 1 2 5 2 0 4 3 4 4 0 8 3 1 9 7 9 6 3 3 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 8 8 7 0 9 5 0 9 5 7 6 7 8 6 3 7 1 3 1 0 0 4 1 0 0 6 8 1 8 4 8 2 4 5 8 9 j 1 ! ! 4 6 8 7 6 7 7 6 7 6 6 6 0 9 6 0 3 5 1 2 0 4 7 5 1 0 1 6 4 5 7 5 3 0 0 9 J A A S J N D M M O F u a e e p e o c a u a n n p b y c t r v r e g o t u i e r c e e l b u u m a h m m e a r s b r b y b r t e y e - e . r . r . - r "".."]"-! ! • I 7 4 8 3 0 6 6 0 7 7 0 " J , , , , , , , , , , 0 5 0 9 8 4 6 1 7 8 7 7 5 8 4 1 9 7 6 0 7 1 3 0 7 4 5 2 9 7 0 4 5 5 9 9 ! I j I i | 1 ! . _ _ 1 _ 3 4 , , 9 1 3 6 5 8 J _ : : • • : • • 5 0 3 7 5 5 5 6 5 3 5 , 5 , , , , , , , J , 3 1 3 7 0 4 , 4 , 4 6 5 5 9 7 1 8 7 7 3 9 C 8 6 4 7 2 0 3 7 1 4 2 2 1 0 ! 3 9 ! ! : ! ; ; ! 1 I ! ! 3 , 3 3 , 0 - . - 8 5 _ - _ ; 2 ; • ' 9 : 1 1 1 , 1 1 : l , , , , j 0 7 2 1 1 1 4 3 5 0 9 3 7 , 7 8 7 , 8 2 2 9 2 0 1 3 1 0 1 0 5 0 5 0 9 , ' 9 i 4 ; 0 : 1 60 6 6 1 3 6 9 1930—Jan ; 22,368 17, 444 7, 794! 9, 027 5, 548 2, 828; 247 16, 821 1930—Jan. 29....' 22,205 16, 676 j7, 6811 8,995 5, 529 2,7291 193 i.Call loans, $3,711,000, 000; time loans, $457,000,000. Feb. 5...J 22,132 16, 630 7,692i 8,938 5, 503 2, 899! 173 Feb. 12...i 22,106 16, 593 7,682 8, 911 5, 513 2, 848! 185 LOANS TO BROKERS AND DEALERS IN SECURITIES MADE Feb. 19_._! 22,090 16, 519 7, 669. 8,850 5, 571 2, 7341 186 BY REPORTING MEMBER BANKS IN N. Y. CITY Feb. 26 —j 22,003 It), 4 7,641j 8, 780 5, 57.' 2,790| 152 [In millions of dollars. Monthly data are averages of weekly figures] New York City: : i 1929—Jan ._, 7,262 5,378 2, 904 2, 473! 1,884 1.012J 190 I !| For banks i Feb : 7,190 5,306 2,820 2, 486| 1, 885 9491 131 A J J M M u u p a a n l r r y y e _ | i ! i | 7 7 7 7 7 , , , , , 2 4 2 1 2 9 9 8 8 9 6 6 1 2 7 5 5 5 5 5 , , , , , 4 4 3 8 • 3 2 4 0 " 7 4 4 4 3 2 2 2 2 , , , , , 8 0 7 6 7 2 4 2 5 4 5 3 9 3 9 ; i 1 ' 2 2 2 2 2 , , , , , 6 7 0 6 7 7 9 0 1 5 1 1 S 9 8 1 1 ! 1 1 1 1 1 , , , , , 8 8 8 0 8 7 1 3 9 5 2 2 8 2 9 8 9 8 9 7 7 9 1 3 1 4 0 0 5 7 ! 1 1 3 1 1 1 1 1 6 0 4 6 9 6 2 5 5 Month or date 1 Total Total C Y N i I o e t n y r w k 1 O C Y N u i o t e t s y r w i k d 2 e ot F h o e r rs Aug ; 7.407 5, 2, 845: 2, 843 i 1,720 196 193(3— N D S O J e a e c o c t p n v t . : 7 8 7 8 7 , , , , , 3 8 0 5 6 4 0 3 0 6 9 1 ' " 4 6 5 6 6 5 , , , , , 0 1 7 8 3 2 0 0 0 8 1 8 5 3 0 3 3 2 3 2 , , , , , 1 1 3 1 9 8 9 4 2 4 9 1 0 5 2 : 1 ! 3 2 2 2 2 , , , , , 9 9 9 0 7 0 1 1 6 4 9 1 0 0 0 J ! ; | 1 1 1 1 1 , , , , , 7 9 9 7 9 2 0 8 0 5 9 9 1 4 9 1 1 , , 9 9 0 1 3 2 8 3 1 0 3 2 1 7 0 8 3 0 4 0 0 9 6 1929— F M A M J e p a a a b n r r y i r u c l u a h a ry ry 5 5 5 5 5 , , , , , 4 4 5 4 6 9 0 7 7 5 1 8 7 9 5 I ! 2 2 2 2 2 , , , , , 9 5 8 5 8 7 2 9 0 8 4 0 9 0 3 I i ! ! ! 1 1 1 , , , 1 0 0 9 8 7 8 7 3 0 4 1 3 2 1 1 1 1 1 1, , , , , 8 6 6 8 7 1 4 0 0 29 7 9 5 1 i ' ' ; i 2 2 2 2 2 , , , , , 4 9 8 8 6 3 6 7 9 5 4 5 9 3 6 1930— F F F F J e e e e a b b b b n . . . . . 2 5 2 1 1 6 9 9 2 . . . — . - . . . . . i . ' ' : 7 7 7 7 7 , , , , , 4 4 5 5 5 8 2 1 5 6 4 1 5 2 7 1 | | ! j i | i 5 5 5 5 , , , , 6 6 4 5 4 1 9 7 1 1 9 8 2 2 2 2 2 , , , , , 9 8 2 9 8 9 9 1 1 1 6 0 3 2 6 i : ' 2 2 2 2 2 , , , , , 0 6 7 7 7 0 6 7 2 0 9 5 5 7 0 : ) ! ! | 1 1 1 1 1 , , , , , 9 9 9 9 9 1 2 1 0 0 4 7 4 3 5 8 9 9 8 9 8 0 1 5 4 5 4 1 0 4 3 2 3 1 7 0 7 1 1 J J N A S O u u e o u c n l p t v g y e o t e u e . b m m s e t r b b e e r r _ 4 5 5 0 6 6 , , , , , , 0 8 3 4 0 5 2 4 8 9 0 4 3 1 3 8 9 0 2 2 2 2 2 1 , , , , , , 8 4 8 8 7 8 9 0 4 4 7 9 0 9 3 9 8 8 i ! ! ! j 1 1 1 1 , , , , 2 0 1 0 8 9 5 9 4 9 9 9 5 7 3 0 8 8 ! ! > 1 1 1 1 1 , , , , , 0 7 5 8 6 7 8 3 4 5 5 79 0 9 8 0 1 i ; ; : : 2 2 3 3 2 3 , , , , , , 1 6 6 9 2 9 5 4 0 9 4 9 4 2 2 0 0 2 Other leading '! December 3, 391 1,601 ; 888 i 713 : 1,790 19 c 2 i 9 t — ies J : a n : 15,059 ; M10,922 4,602: 6,321} 4,13(; 2,062 473 1930—January 3 3, 351 1,700 I 844 ; 862 : 1, 644 A J J M M F u u e p a a b n l r r y y e _ i i i ! • | 1 1 1 1 1 1 5 4 5 4 4 5 , , , 1 0 9 , , , 9 0 9 7 7 5 9 3 8 6 3 0 2 1 3 ! 11 1 1 1 1 1 1 0 0 1 1 1 , , , , , , 9 0 1 0 0 9 5 2 4 1 6 3 4 7 6 2 7 3 4 4 4 4 4 4 , , , , , , 5 6 7 6 5 7 6 7 0 8 6 5 5 2 3 6 0 3 ! ; : j 6 6 6 6 6 6 , , , , , , 2 3 3 4 4 3 5 6 1 7 3 6 1 4 0 8 0 0 1 j ! 4 4 3 3 3 4 , , , , , , 9 1 1 8 9 0 0 3 1 3 6 9 9 9 ' < 5 8 r 1 1 1 1 1 1 , , , , , , 8 7 9 7 8 9 3 3 4 0 2 6 5 6 5 3 8 9 5 4 5 5 5 5 0 8 1 6 7 2 5 2 6 3 4 8 1930—J F F F F a e e e e n b b b b . . . . . 1 5 2 1 2 9 9 2 0 3 3 3 3 3 , , , , , 4 4 4 4 3 9 5 8 4 0 4 0 9 5 2 1 1 1 1 1 , , , , , 9 9 8 6 9 4 1 9 5 3 9 3 8 5 3 i ! , '• 8 9 9 9 9 2 2 0 2 5 4 8 2 3 3 i ; ! ! : 8 9 9 9 9 8 8 7 2 8 7 9 5 7 0 I i ! ! j 1 1 1 1 1 , , , , , 5 5 5 6 5 4 5 4 3 4 5 6 7 6 8 Aug ' 15,058 11,281 4,734; 6,547 3,770 1,777 521 1930— S N D O Ja e e c o c t n p v t | I i ! i 1 1 1 1 1 5 4 5 5 , 5 , 3 7 , , , 0 1 1 2 0 1 3 8 4 5 1 9 8 1 1 1 1 1 1 1 1 1 1 , , , , , L 3 4 1 6 9 2 1 6 9 4 4 5 1 8 ! | 4 4 4 4 4 , , , , , 8 9 7 8 9 4 6 5 0 0 9 6 2 6 9 j ; ! : | 6 6 6 C 6 , , , , , 2 6 5 6 7 6 3 6 9 5 7 2 8 2 2 3 3 3 3 3 , , , , , 7 6 5 6 5 4 9 8 5 8 5 0 7 4 9 I 1 1 1 1 1 , , , , , 8 8 9 8 8 7 9 9 0 3 5 3 7 6 0 2 5 4 5 5 0 6 1 9 4 8 1 0 4 0 ba 2 3 1 n M C W ks a e e l o m l e n k l b o l l y e y a r ) n ; r s a e i , n p n $ d o c 2 l r , u t n 9 i d 2 o n e 0 n g s , m 0 m 0 u e 0 n e i , n k 0 m 0 b n b 0 e o e ; r w r t b n i b m a a a n e n m k k l s o o s u a o i n n u n s t t , s N f i $ o d e 4 r e w 2 c 5 N u Y ,0 s e 0 o t w o 0 rk , m 0 Y 0 e C 0 o r i s . r t k y o . f C t i h t e y s e ( d b o a m nk es s t . ic 1930—Jan. 29. __ 14,637 11,035 4,815; 6,220 3,602 1,844 173 ACCEPTANCES AND COMMERCIAL PAPER Feb. 5 14,581 10,981 4,771; 621i; 3,600 1,949 162 F Fe e b b . . 1 1 2 9 . . . . . . 1 1 4 4 , , 5 6 8 0 1 7 1 10 0 , , 9 9 4 8 1 1 . i 4 4 , , 7 7 7 5 1 6 ! . 6,184! 3 3 . , 0 6 6 0 6 0 1 1 , , 8 9 9 3 0 7 1 14 4 9 8 [A a m s o c u o n m ts p il o e u d t s b ta y n d A i m ng e ri i c n a n m i A ll c io c n ep s ta o n f c e d o C ll o ar u s n . cil F ; ig fo u r r e c s o m fo m r e a r c ci c a e l p t p a a n p c e e r s Feb. 26 — 14,591 10,929 47l 6,176! 3,002 1,880 151 as reported by about 25 dealers] Chicago: 1929—Jan 2,065J| 1,613!! 887- 7261 452 33l| 71 Bankers' acceptances out- I Commercial paper out- Feb 2,096 I 1,641.1 911 731! 455 323 96 standing standing Mar 2,130jj 1,676 i 950 726! 454 3421 121 End of month A M pr ay... 2 2 , , 0 0 1 45 5| 1 1, , 6 5 0 96 6 ! | 9 8 0 9 5 7: 6 7 9 0 8 l ; [ 4 41 4 9 0 3 32 0 0 7 i 3 4 6 6 1927 j 1928 ; 1929 > 1930 j 1927 I 1928 j 19291930 June 2,033! 1,616 i 910 706i 417 314 64 1930— J S N D A O J u e a e u c o c t n g p l v y t . . . . . . . . ! I i ! j 2 2 2 2 2 1 ! , , , , , 0 0 0 0 l 9 O 5 6 1 3 5 4 4 5 6 7 7 ! j ! | | | ! ! | | | | 1 1 1 l 1 1 l , , , , , , , 5 6 6 6 6 7 7 6 5 5 3 0 3 1 3 2 3 9 9 1 2 j ! i ! ! | ! ' j 9 9 9 9 9 9 91 5 0 9 3 9 4 7 4 6 3 8 0 3 1 ; . ' : : 6 6 7 7 6 7 7 9 3 3 1 3 8 2 5 0 5 6 5 2 5 ; | | | j 4 4 3 3 3 3 1 9 0 1 8 9 9 0 1 5 4 6 5 8 6 3 3 3 3 3 3 3 0 0 0 0 1 1 1 3 6 9 9 0 0 3 : ; 4 3 2 3 3 1 7 8 8 2 7 8 7 J J J F A M M u u a e p n n a l a b y r r y e u i r c l u a h a ry ry ... .- 8 S 7 7 7 7 l 5 0 7 4 8 l 1 9 4 1 5 1 1 1 1 1 1 , , , , , ,0 0 9 0 0 0 0 5 4 7 2 8 5 7 8 1 1 8 6 5 6 1 1 , , 1 1 1 1 1 1 , , , , 1 2 2 , 2 1 2 , 7 2 1 0 1 1 9 7 8 0 5 3 1 7 1 i : 1 ,693 ' : ! ! ! • ;5 5 5 5 5 6 5 9 8 7 0 6 7 5 9 9 2 6 9 7 1 • ' i ! j : . 5 5 5 3 7 7 6 7 0 7 7 1 ! j 4 4 3 2 2 1 0 3 0 7 6 3 1 7 4 4 5 5 8 1 7 40o 1930— F F F F J e e e o a b b b h n . . . . - 2 1 2 5 1 9 - 2 — 9 :» - . .: ! . j ' 1 1 1 1 1 , , , , , 9 9 9 9 9 1 2 3 1 1 2 0 9 0 3 ! ! ! ' j : I 1 l 1 1 l , , , . , 5 5 5 5 5 2 4 3 3 4 1 2 4 0 0 i i i ! - ' 9 9 9 9 9 1 2 2 2 3 0 3 1 " 4 , : 6 6 6 •5 1 1 2 1 2 1 2 2 1 ! ; ! 4 3 3 3 3 0 9 9 9 9 5 4 5 2 t 3 2 3 3 3 0 1 1 9 1 3 5 4 4 9 ! ; ; ! : 3 2 1 1 A N S D O e u o e c p t c g v o t e u e e b m m s m e t b r b b e e e r r r 1 1 , , 9 8 0 7 0 7 2 6 8 8 5 4 9 2 1 1 1 1 1 , , , , 2 1 2 9 0 2 8 0 5 0 3 4 0 2 4 , ! , 1 1 1 1 , , , 1 6 7 5 , , 5 3 4 2 2 8 2 1 0 7 1 ] I 2 i ! 6 6 6 5 5 0 1 0 9 5 0 1 3 1 5 I ; 2 3 2 2 3 6 1 8 3 6 5 6 5 4 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN MARCH, 1930 COMMODITY PRICES, SECURITY PRICES, AND SECURITY ISSUES WHOLESALE PRICES, BY COMMODITY GROUPS [Index of Bureau of Labor Statistics. 1926=100] Month A m l o l d c i o ti m es - pr F o a d r u m cts Foods p l r H e o a a i d n t d h u d e e c s r ts p T ro e d x u ti c le ts F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - ' N c c o u o i m l n t t i u a e m g s r o a ri l d - - 1928—December. 96.7 103.6 98.0 115.7 96.1 83.5 102.9 96.8 96.1 96.4 80.1 94.8 1929—January... 97.2 105.9 98.8 113.6 96.4 82.5 103.6 96.6 95.9 96.6 80.5 94.9 February.. 96.7 105.4 98.1 109.0 96.1 81.3 104.4 97.5 96.1 96.6 80.4 94.3 March.. 97.5 107.1 98.1 108.3 96.1 80.6 106.4 98.8 95.6 96.5 80.0 94.9 April 96.8 104.9 97.7 107.9 95.5 80.6 106.4 97.9 94.9 96.7 79.2 94.7 May 95.8 102.2 97.7 106.8 94.2 81.1 105.2 96.8 94.2 96.7 79.6 94.1 June 96.4 103.3 98.9 108.0 93.3 83.3 105.1 96.4 93.4 96.6 80.4 94.6 July 98.0 107.6 102.8 109.2 92.8 82.0 105.0 96.7 93.4 97.2 81.3 95.5 August 97.7 107.1 103.1 109.7 93.1 80.9 104.3 96.7 93.7 97.1 81.3 94.3 September- 97.5 106.6 103.2 110.8 93.1 81.1 104.1 97.5 93.9 97.1 81.7 95.1 October 96.3 103.9 101.2 110.5 92.7 81.7 103.6 97.8 94.2 97.1 81.3 94.3 November. 94.4 101.1 98.8 108.4 91.5 81.7 102.3 96.0 94.0 97.1 80.1 92.6 December.. 94.2 101.9 98.6 107.4 90.4 81.3 102.1 96.2 93.6 97.3 79.8 92.1 1930—January 93.4 101.0 97.2 105.1 89.4 79.9 101.2 96.2 93.0 97.3 78.7 91.4 PRICES OF FARM PRODUCTS AT THE FARM SECURITY PRICES [Index numbers of Dept. of Agriculture. August, 1909-July, 1914= 00] [Index numbers of Standard Statistics Co.] Common stocks (1926 =100) Month 2 m 7 it i o c e d o s - m- Grains t F v a a e r b n g u l d e e it - s an M im ea a t ls p D p o u a r a u n c o i l t d d r t s y ry c C o s a o e t n t t e t o d d o n n - cl U f a ie s n d s - i- M ( o T n h t u h r s o d r a d y a ) te c 40 o 4 m s b to in c e k d s du 33 s 7 tr i i a n l - s 33 rails 3 u 4 t i p li u ti b e l s ic Bonds,60 1928—November 171.1 178.9 134.9 168.6 97.8 J J A J N A M M D F S O u a u e e p o u c e n a l a n p b t y r c g v v r u e o i t r 1 e c u e l e a b u 9 m h m s m r 2 e a t y 9 r b r b b y e e e _ r r r . . - . . . 1 1 1 1 1 1 1 1 1 1 1 1 3 3 4 3 3 4 4 3 4 3 4 3 5 6 0 6 3 0 0 6 1 8 3 5 : 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 3 1 2 1 2 1 2 2 4 8 8 1 1 2 5 0 3 9 3 9 1 1 1 1 1 1 1 1 1 1 1 1 6 0 3 5 6 6 6 1 2 1 1 1 3 9 6 9 0 8 0 9 0 0 1 2 1 1 1 1 1 1 1 1 1 1 1 1 4 6 6 5 5 4 6 4 5 6 6 6 4 4 4 6 0 6 3 3 1 7 0 5 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 3 5 3 4 3 3 4 5 5 8 4 9 7 7 8 6 7 7 1 1 7 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 3 3 4 4 5 4 4 5 1 6 6 6 0 2 5 9 5 8 8 2 8 9 9 8 8 8 9 8 8 8 8 9 6 2 1 5 5 9 0 7 8 6 5 0 1929— J J N A A S M O D M D F u J u e e o p u c e a e n a a l p b n t c c v r g y r y e o t i r e u e c e u e l b . u m m a h m m s . e a r . t b y . b r r b b y e e e e r r r r 2 2 2 2 1 1 1 1 1 1 1 1 1 0 0 2 1 5 5 9 8 8 8 8 8 7 1 7 1 3 5 8 0 6 9 7 5 1 6 . . . . . . . . . . . . . 7 1 8 2 7 3 1 6 4 1 8 2 5 2 2 2 1 1 1 1 1 1 1 1 1 1 0 9 4 4 1 1 9 9 7 9 9 9 9 4 2 4 6 0 6 1 3 8 2 2 6 2 . . . . . . . . . . . . . 4 7 8 9 4 3 0 1 4 6 5 0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 3 6 6 6 4 3 4 4 3 4 3 6 5 7 5 0 0 8 8 1 4 8 1 4 . . . . . . . . . . . . . 4 0 4 0 1 7 1 6 8 3 8 9 3 3 3 2 2 2 2 2 1 2 2 2 1 1 2 0 7 0 7 3 9 0 0 0 1 9 7 1 4 6 0 2 4 3 1 2 3 2 2 3 . . . . . . . . . . . . . 6 0 9 3 8 4 4 0 4 7 3 7 4 9 9 9 9 9 9 9 9 9 9 9 9 9 5 5 5 6 5 4 5 5 5 5 7 6 7 . . . . . . . . . . . . . 7 0 8 2 5 1 8 7 3 3 0 3 2 Janu 1 a 93 ry 0 134 118 167 146 146 128 87 1930— F J e a b n r u u ar a y ry 1 15 6 6 5 . . 5 3 1 1 4 5 8 5 . . 8 9 1 1 3 4 6 2 . . 5 5 2 23 0 0 8 . . 7 5 9 9 6 6. . 4 5 February.. 131 i 168 150 136 121 84 F F e e b b . . 6 13.... 1 1 6 6 5 7 . . 2 5 1 15 5 7 6 . . 9 6 1 1 4 4 4 1 . . 6 0 2 2 2 3 5 3 . . 2 3 9 9 6 6 . . 3 3 Feb.20..._ 163. 1 152.8 142.1 228.7 96.3 FOREIGN CAPITAL ISSUES Feb. 27 166.3 156.1 142.3 234.7 96.5 [In millions of dollars] DOMESTIC CAPITAL ISSUES January-December [In millions of dollars. Source: Commercial and Financial Chronicle ] January, 1930 1929 1928 January-December Class of issue January, 1930 j ~ Gov- Cor- Gov- Cor- Gov- Cor- 1929 I 1928 ern- po- ern- po- ern- po- Class of issue ment rate ment rate ment rate Re- I Re- | Re- New fund- New | fund- New I fund- Total.-. 22.4 48.4 335.5 470.4 836.9 657.5 ing ing I ing New E i u s r s o u p e. e. . . .. 8.4 4 5 8 .4 0 3 8 0 7 8 .5 6 4 8 5 7 4 .9 5 3 7 1 2 7 3 .3 1 2 5 5 2 7 0 .4 4 Total. 716.6 i 56.8 9,334.3;1.3 Canada and Newfound- L U a l n a t i i n t n e d d A m S er ta ic te a s n insular 4 2 . 0 9 3 5 1< 7 * 3 2 . 5 7 1 5 2 1 2 . 4 0 2 6 5 5 7 .9 7 1 8 0 8 0 . 9 2 Corp B o o r n a L d te s o i n a s g n su - d t e e s n rm otes- 6 43 1 6 1 . . 0 1 4 5 4 5 . . 2 1 7 1 , . 9 86 3 3 6 . . 4 1 J { 1,3 49 7 5 4 «> . . 3 9 5 2 , , 2 1 7 6 7 7 . . 2 5 |1,5 9 4 9 9 9. . 4 7 M p is o c s e s l e l s a s n i e o o n u s s 1 5 40.0 4 6 18 7 6 .2 7 7 6 6 .4 2 7 1 2 .4 6 Stoc S k h s ort-term 1 4 2 8 6 . . 3 8 10.9 5,8 2 6 0 8 4 . . 6 li ; 8 4 3 5 2 . . 8 6 2,8 2 9 0 9 9 L. .8 9 4 5 9 4 6 . . 3 0 Refunding issues "ii.'o" ~~27.T 15.5 113.6 137.1 Farm-loan issues 1.9 Municipal issues 105.5 1.7 1,398.2 12.31,387.2 22.3 Total Government and corporate 70.7 805.9 1,494.4 To fu ta n l d i n n e g w and re- 773.4 10,720.9 8,300.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 107 INDEXES OF PRODUCTION, FACTORY EMPLOYMENT, AND CAR LOADINGS [1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variations] Industrial production* Freight-car loadings* Fac- Fac- Building con- tory tory i tracts awarded • em- pay Miscellaneous Year and month Tctal Manufactures Minerals p m lo e y n - t rolls Total 1 j a le n s d s - m th d a s n e -c . a in rload lots Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Unad- Ad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed ANNUAL 1919 83 84 77 64 107 98 84 1920 87 87 89 63 108 118 91 84 1921 67 67 70 57 82 77 79 78 1922 85 87 74 81 90 81 86 88 1923 101 101 105 84 104 103 100 97 1924 95 94 96 95 96 96 98 98 1925 104 105 99 122 100 101 103 105 1926 108 108 108 130 101 104 107 108 1927 10'l I 106 107 128 99 102 103 107 1928 111 • 111 108 135 97 102 103 108 1929 118 119 115 117 100 107 106 110 MONTHLY 1926 January 105 r 106 108 109 90 92 111 143 101 101 94 102 93 107 February 108 r 106 111 '108 92 95 106 145 102 103 96 104 98 107 March. 109 r 107 111 108 98 104 146 129 103 107 99 104 103 106 April 108 r 107 : no ' 107 96 107 139 120 102 105 98 107 105 106 May 107 r 106 108 106 102 104 134 123 101 104 106 107 110 109 June _ 106 108 106 '108 109 106 133 121 101 104 110 109 111 109 July 103 r 107 102 '107 110 107 126 124 99 99 111 108 111 108 August. 109 r 110 108 111 115 109 148 133 101 104 113 108 112 107 September 113 112 112 112 118 110 137 134 103 105 122 109 121 109 October 114 111 112 '110 124 114 126 122 103 108 123 109 122 110 November 110 108 108 '106 123 118 119 130 101 105 113 109 112 108 December 101 106 99 103 113 119 131 142 100 104 98 107 96 107 1927 January. _ . 106 ' 106 104 105 112 116 94 120 98 99 97 105 94 108 February . 110 ' 108 110 107 113 '117 96 131 100 105 100 109 99 109 March.- 113 r HI 113 ' 109 111 118 151 134 100 106 102 108 107 109 April 110 109 112 109 96 '107 147 127 100 105 100 108 109 110 May 112 111 113 ' 111 108 ' 109 135 122 99 104 105 106 110 108 June 107 ' 108 1 107 109 108 105 154 141 99 102 106 104 110 108 July. 102 106 102 '107 103 99 130 128 98 99 104 101 110 107 August 105 107 104 107 111 106 135 121 99 102 109 104 112 108 September _ _ . 106 105 106 ' 105 111 '104 127 125 101 102 116 104 120 108 October 105 ' 102 : 104 '102 112 105 137 133 99 103 114 101 118 106 November. 101 99 101 99 105 101 114 125 97 98 101 97 107 103 December. _ 96 100 95 99 97 '103 116 126 95 99 88 95 90 100 1928 January 105 ' 106 106 106 99 103 104 133 94 96 92 100 93 106 February . 111 109 114 110 98 102 113 153 96 101 94 102 97 106 March _ 112 ' 110 115 111 97 103 144 128 97 103 97 102 105 107 April 110 109 113 110 94 '104 157 135 96 100 96 104 107 108 May. 110 109 111 ' 109 104 105 163 148 96 101 104 105 111 110 June 108 109 108 111 103 ' 100 158 145 96 101 103 102 109 107 July 105 '109 106 111 103 100 142 139 96 98 105 102 112 109 August 110 r H2 110 113 110 105 126 113 98 103 109 104 114 109 September 116 114 116 ' 116 115 107 143 140 100 104 119 106 123 111 October 118 '115 117 '115 122 '113 145 141 100 107 119 106 123 111 November 115 »• 113 115 '113 117 113 115 126 99 104 108 104 111 107 December 108 ••115 109 '115 106 112 105 116 98 104 95 103 97 108 1929 January 116 117 116 117 113 ,,7 100 128 97 101 95 104 95 109 February . 120 117 120 '116 115 120 88 119 100 108 99 107 99 109 March 121 T 118 125 ' 120 101 107 118 104 101 111 98 103 109 111 April 123 122 127 123 103 115 156 135 102 112 102 111 113 114 May. ... 125 123 127 ' 125 116 116 143 130 102 112 110 111 115 114 June 125 126 126 '129 115 112 133 122 101 109 109 108 114 112 July 119 124 119 ' 126 117 114 159 156 101 105 111 108 115 112 August . . . . 121 123 121 124 121 114 119 107 102 109 114 109 118 113 September 123 '122 122 122 127 118 108 106 103 111 121 108 126 113 October 119 117 118 117 126 118 109 105 102 110 118 104 123 111 November 108 106 107 105 113 109 1>5 105 98 102 102 99 107 103 December... 95 99 92 96 110 116 77 85 95 99 90 97 90 100 1930 January *103 »103 v 102 »102 *10S *112 79 101 93 94 89 97 89 102 v Preliminary. ' Revised. * Average per working-day, e«xcept for annual indexes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN MARCH, 1930 INDUSTRIAL PRODUCTION AND BUILDING INDEX OF INDUSTRIAL PRODUCTION BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Adjusted for seasonal variations. 1923-1925 average=100] [Value of contracts in millions of dollars] : Public Month 1923 1924 | 1925 1926 I 1927 i 1928 j 1929 1930 Month Total i , d R t e i e a n s l - i- ! ! In tr d i u al s- C m c o i e a m r l - - 1 i ; p w a u o n b r d l k ic s E ti d o u n c a a l - o A th ll er January : 100: r 99 i ' 105 ' 108 106 '106 ! 117 »103 : utilities February ; 100; 102! 105 ' 106 108 : 109 117 A M p a r r i c l h 1 1 0 0 3 7 ' 1 9 00 5 ! ; ' 1 1 0 0 3 4 » ' • 1 1 0 0 7 7 1 1 0 1 9 1 : | M 1 1 0 0 9 , ; '1 1 1 2 8 2 1 19 9 2 2 9 8 — — J D a e n c u e a m ry ber.. 4 4 1 3 0 2 . . 0 8 1 1 3 7 8 8 . . 1 3 ! ' 6 38 3 . . 1 6 00 6 . . 4 8 ' • • 8 6 0 6 . . 2 5 2 1 5 7 . . 4 7 4 2 3 4 . . 8 1 J J A M u u u a n l g y e y u . st ..- ; ' 1 1 1 0 1 0 6 0 0 8 4 2 ; ; 8 8 8 8 9 5 4 9 ! , ' 1 1 1 1 0 0 0 0 3 3 2 3 '' " r 1 1 1 0 1 1 0 0 6 7 0 8 1 1 1 1 1 0 0 0 1 6 7 8 : : i r 1 1 1 1 0 0 1 0 9 9 2 9 j ; 1 1 1 1 2 2 2 2 6 3 4 3 . A F J M M u e p a a n b r r y i e r c l . u h ary. _ 3 4 6 5 5 6 4 8 4 8 1 2 4 5 7 . . . . . 3 1 8 9 8 2 1 1 1 1 5 9 2 9 8 7 9 2 9 6 . . . . . 2 5 0 8 8 I ; ! ; : 5 6 8 5 7 8 0 6 0 5 . . . . . 2 0 8 8 1 7 6 7 8 8 5 0 8 6 8 . . . . . 6 9 3 5 0 ; • ! ! : 1 1 1 5 3 5 2 7 7 9 2 0 1 . . . . 6 . 4 1 8 5 2 3 3 4 22 9 3 7 8 . . . . . 9 4 5 2 C 4 4 5 5 2 7 0 7 0 7 . . . . . 2 9 9 1 3 S N D O e e c o p c t v o e t e e b m m m e b r b b . e e r e r r . ... _ ; ; 1 9 9 9 0 8 9 7 0 ; ! ! , 1 9 9 9 0 4 7 5 1 ; , . : ' 1 1 1 1 0 0 0 0 8 2 7 5 1 1 1 1 0 1 1 0 6 2 1 8 1 1 1 9 0 0 0 5 9 2 0 '• ! '. r ' ' 1 1 1 1 1 1 1 1 3 5 4 5 ' 1 1 1 9 1 0 2 9 7 6 2 j J A S N O u e o c u l p t y v g o t e u e b m m s er t b b .. e e . r r . . . . 4 4 6 4 3 4 4 8 9 5 5 1 5 8 2 . . . . . 0 4 9 4 6 1 1 1 1 1 1 9 3 1 4 8 9 7 3 6 . . . . . 4 9 7 5 1 • 6 6 3 7 5 6 0 9 2 5 . . . . . 6 9 7 3 6 1 9 7 6 7 0 6 1 7 2 1 . . . . . 9 7 3 0 8 i • : i • 1 1 1 1 1 8 7 9 9 7 2 5 4 . . . . . 4 3 5 1 2 4 3 2 3 2 2 8 6 5 9 . . . . . 9 7 3 0 8 4 3 5 5 5 3 0 8 2 7 . . . . . 4 9 0 0 3 Annual index 101 • 95 j 104 108 106 ; 111 118 ] 1930— D J e a c n e u m ar b y e . r .. . . . 3 3 1 2 6 4 . . 0 4 1 6 1 6 4 . . 6 0 3 67 8 . . 4 3 3 5 3 4 . . 4 1 i 11 5 2 1 . .8 1 1 1 9 9 . . 0 8 3 2 4 9 . . 0 9 INDEX OF PRODUCTION OF MANUFACTURES, BY GROUPS Al t u l u f m a re c a s - n- s I a r t n e o d e n l Textiles' p F u r o c o o t d s d - pr P i a a n n p t d i e n r g Au b t i o le m s o- L s e a h a n o t d e h s er ; N m o r e o n t u f a e s l r s - re P l f e e i u n tr m i o n - g Ru ti b re b s er T fa m o c b a tu a n r c u e c - s o i 1928—September r 116 128 107 i 95 ••119 136 110 i 117 162 169 128 October r 115 126 112 i 98 116 119 103 1 121 160 167 126 November r 113 120 113 i 102 121 92 97 j 126 159 154 124 December ' 115 123 111 i 104 121 101 92 ! 128 158 144 127 ~i 1 1929—January _ _ ! 117 117 103 ••122 150 95 124 159 148 131 February ; r 116 126 111163 j1 101 123 148 98 i 123 160 152 129 March. ... .__ : ri20 132 116 ; 96 125 159 99 •' 129 160 152 126 April 1 123 135 120 ! 102 124 153 97 137 165 161 142 May r 125 145 121 97 125 148 101 ' 137 168 158 142 June -— _ 1 r 129 155 121 | 96 128 162 113 126 170 162 139 July ' 126 151 118 ; 96 124 142 114 i 127 171 141 131 August. 124 143 120 99 125 143 116 , 122 176 119 133 September 122 139 116 1 98 131 133 116 ' 126 173 116 138 October 117 124 118 j 96 124 113 113 121 178 114 135 November 105 100 108 ! 96 123 81 105 : 119 171 94 130 December i 96 90 96 i r95 119 49 93 114 166 80 133 1930—Januarv \ P 102 99 102 j 95 P122 102 *>95 106 163 "106 131 INDEX, OF PRODUCTION OF MINERALS, BY PRODUCTS Al e l ra m ls in- n B o i u t s u m co i a - l Ant c h o r a a l cite pe C tr r o u le d u e m sh Ir i o p n m o e r n e ts Copper Zinc Lead Silver 1928—September 107 94 93 123 110 123 114 115 79 October '113 99 ' 117 126 114 128 110 108 79 November 113 99 111 127 106 131 111 111 93 December 112 97 97 131 133 106 109 100 1929—January 117 103 110 137 129 100 111 94 February 120 109 110 137 136 106 99 91 March .. _.. 107 89 77 133 135 112 112 93 April 115 100 95 132 141 116 125 103 May 116 102 86 134 143 139 120 122 93 June 112 100 76 135 126 124 122 112 94 July 114 101 72 143 119 122 125 114 88 August 114 97 81 145 121 119 127 107 91 September .- 118 101 106 140 121 125 124 119 89 October. 118 101 116 140 107 123 112 115 94 November 109 96 92 131 98 118 105 114 114 December 116 102 121 132 '116 102 105 87 1930—January M12 99 104 132 101 103 91 p Preliminary. f Revised. NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 MARCH, 1930 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS PER CENT PERC [Without seasonal adjustment. Monthly average 1923-1925=100] 110 FACTORYE^PLOYWENT 110 A ( 1923-25 = 100 ) Factory employment I Factory pay rolls / > Month 1927 1928 1929 1930 1927 1928 1929 1930 100 \J 100 January 98.1 94.2 97.4 93.1 98.6 95.7 100.9 94.2 February 99.7 95.7 99.7 104.8 101.1 108.4 ' \ March. 100.4 96.6 101.3 lOfi. 3 102.5 111.1 V April 99.8 96.0 101.8 ; 105.0 100.3 111.7 : J M u a n v e 9 9 9 9 . . 0 1 9 9 5 6 . . 7 2 1 1 0 0 1 1 . . 6 2 1 10 0 2 4 . . 5 3 1 10 0 0 0 . . 9 8 1 1 1 0 1 9 . . 5 2 90 90 July 98 0 95.7 100 7 08 fi 98 3 104 8 August 99.2 98.3 102.0 102.2 102.5 109.4 •^ ^d/usied for Seasonal Variations September.. 100.6 100.3 103.4 101.9 104.2 110.5 Withour Seasonal Adjustment October 99.3 100.2 102.1 102 a 107 5 110 0 November.. 96.9 98.8 98.2 98.5 103.6 102.0 1 80 | 80 December- 95.5 98.1 94.8 ! 99.4 104.2 98.7 1923 1924- 1925 1926 1927 1928 1929 1930 Annual index 98.8 97.2 100.4 102.0 101.8 107.4 Seasonal adjustment provisional INDEX OF FACTORY EMPLOYMENT, BY GROUPS Month s I a t r n e o e d n l ch M in a e - ry Textiles p F u r o c o o t d s d - P p a i r a n n i p n g d e t- r L p u a b r u c n o e m t d d r s - - T G r r e a o q n u u s p i p p o m m r A t e o a n u b ti t t i o o le n - s L p e u a r a c n o t t d h d s - er m c g a C l l e n a a e n d y s - t s , , N m r o e o n t u f a e s l r s - Gr C ou h p emi P c le a e u l t s r m o- R p u u r b c o t b d s e - r b p u T a r c o c o t c d - s o refining 1928—September.. 96.4 101.4 92.6 100.5 101.1 90.4 95.4 121.5 96.1 96.0 97.6 106.8 105.8 113.4 96.7 October 96.9 102.8 95.7 102.6 102.4 90.6 94.4 119.8 94.6 94.1 100.0 107.4 104.3 113.2 99.1 November.. 97.7 103.8 96.2 101.9 103.7 90.5 90.2 109.1 89.3 91.8 102.2 107.3 104.0 109.8 98.9 December... 97.1 105.2 97.0 102.0 103.6 88.2 89.9 107.7 88.6 89.5 102. 4 107.8 104.7 109. 6 95.7 1929—January 97.1 106.7 95.9 98.6 102.5 85.5 94.0 118.3 91.9 84.3 102.4 107.6 104.0 112.2 84.1 February 98.3 110.4 98.0 98.8 103.4 85.8 99.0 129.5 94.1 84.5 106.1 110.9 106.7 112.3 92.0 March 99.3 113.8 101.1 97.6 103.1 86.6 100.5 131.1 92.7 86 8 107.9 115.5 109.2 113.3 92.0 April ... 99.7 116.7 99.3 96.2 102.5 88.2 101.7 131.4 90.6 90.5 107.7 119.0 111.9 114.3 91.3 May 100. 7 119 1 97.3 97.3 102 8 89 2 101.5 130 0 90.3 93.1 105.3 110.3 114. 4 115.3 90.3 June ... 100.8 120.8 96.3 99.2 103.2 90.0 97.6 120.6 89.4 93.8 102.9 107.9 116.4 115.0 91.4 July 99.8 121.5 91.5 99.8 103.6 90 5 96.4 117.8 94.6 91.6 100.5 108. 9 120.0 114. 2 90.5 August 101.0 119.4 94.2 99.7 104. 1 92.2 95.5 115 0 98 1 93.8 99.8 11L2 121 9 111.5 93 0 September. _ 101.0 119.5 98.4 102.4 106.0 91.8 94.8 113.1 99.5 93.6 98.6 114.5 124.0 108.3 93.7 October 99.4 118.7 99.8 104.2 106.1 90.1 90.2 101.3 99.3 91.9 98.5 116.1 124.6 102.7 95.0 November.. 97.0 115.0 97.1 101.6 106.7 86.7 82.9 83.7 94.4 88.9 93.6 113.8 123. 7 91.2 96.1 December... 92.2 112.1 94.3 100.5 106.9 81.6 81.3 79.6 90.0 82.3 89.9 111.8 120.9 89.2 89.2 1930—January 91.7 109.9 92.8 97.4 105.1 76.8 83.2 85.7 91.4 74.7 85.9 110.6 120.8 89.7 84.2 INDEX OF FACTORY PAY ROLLS, BY GROUPS Month s I a r t n e o e d n l ch M in a e - ry Textiles p F u r o c o o t d s d - P p a i r a n n i p n g d e t- r L p u a b r u c n o e m t d d r s - - T G r r e a o q n u u s p i p p o m m r A t e a o u n t b i t t i o o le n - s L p e u a r a c o n t t d h d s - er m c g a C l l e n a a e n d y s - s t , , N m o r e o n t u a f s e ls r- Gr C ou h p em r i e P c l f e a e i u l t n s r m i o n - g R p u u r b c o t b d s e - r b p u T a r c o c o t c d - s o - 1928—September.. 99.1 106.0 94.9 104.3 109.2 93.4 100.1 129.0 99.6 92.8 109.4 106.3 109.3 123.8 92.9 October 105.1 111.3 101.0 106.0 111.5 95.8 104.7 134.1 95.9 94.1 116.6 109.2 107.8 120.4 95.2 November.. 105.1 110.3 96.7 104.9 111.7 94.4 96.1 114.5 80.1 90.7 118.5 108.2 107.1 112.4 94.1 December.. _ 103.3 114.0 100.3 106.3 113.7 90.8 95.8 112.4 86.0 88.4 120.5 108.1 107.2 114.1 94.3 1929—January 101.3 112.3 97.0 102.2 111.4 83.4 93.6 114.5 90.2 79.0 117.4 106.3 105.3 118.8 76.3 February 107.2 120.7 103.6 102.5 113.0 86.5 111.4 147.4 94.5 81.0 124.1 111.3 110.2 145.8 82.3 March 108.5 126.5 108.8 101.2 114.9 88.4 113.9 148.2 91.4 84.8 127.6 113.6 112.1 146.7 84.4 April 110.5 129.5 103.2 100.4 113.3 90.9 117.0 152.0 87.9 89.3 127.0 117.8 117.1 150.2 86.1 May 111.6 131.9 99.3 103.1 114.3 92 8 116.0 147 1 88.1 91.8 123.1 113.1 118.9 146. 6 86.1 June 109.9 131.6 97.8 105.6 113.6 92.2 107.9 130.9 89.8 92.5 117.0 111.2 120.0 120.6 88.5 July... 103.5 128 2 90.4 105.6 111.4 93.5 97 1 110 2 97 8 86 1 112.6 111.2 123 3 115 1 87 9 August 109.3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 91.2 113.2 113.0 125.1 110.9 90.6 September.. 108.9 127.9 103.0 108.1 116.3 96.6 103.3 120.3 104.3 91.3 112.1 116.0 129.3 104.9 93.4 October 107.9 129.0 104.8 108.8 117.8 96.8 99.8 108.0 100.0 90.6 112.5 118.2 129.4 100.9 94.2 November.. 100.0 121.6 96.2 105.5 117.2 89.2 89.4 84.3 83.9 86.4 99.6 115.6 126.3 85.9 94.3 December... 93.5 119.9 93.8 105.5 118.2 82.7 85.6 72.9 84.1 80.2 96.1 114.0 124.8 85.0 88.8 1930—January 90.5 113.8 92.2 102.5 114.9 72.8 80.9 74.0 85.4 67.3 91.5 109.3 121.1 88.9 77.0 NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes fof important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the* period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716. 97600—30 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN MARCH, 1930 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. In thousands of dollars] Total cash reserves Total deposits Federal rese l r a v t e io n n o l tes in circu- Reserve percentages Federal reserve bank 1930 1929 1930 1929 1930 1929 1930 1929 February January February February January February February January February r F u e a b r - y u Ja a n ry - r F u e a b r - y Boston 266, 297 286,101 173,813 148,337 152,323 149,229 162, 582 182,469 129,810 85.6 85.5 62.3 New York 910,040 877, 789 991,902 952, 221 973,413 943,161 246, 391 298,958 318, 571 75.9 69.0 78.6 Philadelphia 209, 986 214, 350 174,187 135,034 135, 880 135, 384 146, 724 153, 079 140,128 74.5 74.2 63.2 Cleveland 279,819 269, 201 266, 226 186, 035 185, 973 188, 741 177, 865 181,050 203, 358 76.9 73.3 67.9 Richmond 112,175 110,822 93, 785 68, 320 69,611 71,101 80, 969 88, 010 76, 663 75.1 70.3 63.5 Atlanta 152, 758 148,970 126,182 66, 538 67,375 69,113 132,116 134, 891 130, 245 76.9 73.7 63.3 Chicago 509,129 483, 577 432,821 336,187 340, 774 357,010 297,460 298,164 277, 267 80.3 75.7 68.2 St. Louis 118, 981 124, 070 86, 321 80, 656 81, 254 84,955 85, 766 90, 492 60, 257 71.5 72.2 59.4 Minneapolis 88, 455 90, 247 81,919 51,758 52,895 54, 036 61, 393 64,985 61, 274 78.2 76.6 71.0 Kansas City 144, 430 142, 627 110, 710 88, 879 90, 326 93, 787 80,489 85,405 66, 639 85.3 81.2 69.0 Dallas 63, 780 64, 686 64,945 65, 327 65, 255 72, 800 41,261 42, 647 40, 017 59.8 59.9 57.6 San Francisco... 305, 465 312, 096 223,859 182, 468 187, 415 187, 334 164, 793 176, 733 159, 263 88.0 85.7 64.6 Total 3,161, 315 3,124, 536 2,826,670 2, 361, 760 2, 402, 494 2, 406,651 1, 677, 809 1, 796,883 1,663,492 78. 3 74.4 69.4 i Includes " F. R. notes of other F. R. banks " as follows: Latest month $24,282,000; month ago, $35,076,000; year ago, $19,901,000. DISCOUNTS OF FEDERAL RESERVE BANKS BANK DEBITS [Averages of daily figures. In millions of dollars] [Debits to individual accounts. In millions of dollars] 1930 1929 Number 1930 1929 Federal reserve bank of cen- February January February ters January December January Boston -. 23.2 23.9 61.9 New York City 1 34, 732 39,850 54,719 New York 70.5 111.8 216.3 Outside New York City 140 25, 723 2e, 932 28,126 Philadelphia 50.5 53. 7 85.5 Cleveland _ - - - 53.3 72.8 84.7 Federal reserve district: Richmond 22.2 30.8 41.0 Boston ... 11 3,050 3,032 3,208 Atlanta - - - - _. _ . 25.3 31.7 55.8 New York _ 7 35,662 40,848 55, 778 Chicago 63.0 87.4 165. 9 Philadelphia 10 2,609 2,852 2,910 S M t in L n o e u a i p s olis ___ 1 3 6 . . 0 7 1 7 7 . . 0 7 3 1 7 2 . . 8 8 CRliecvhemlaonndd . 13 2,8 7 2 8 7 0 3,0 7 0 9 5 6 3,0 8 2 1 8 3 Kansas City 23.0 28.1 32.5 Atlanta 15 1,211 1,200 1,332 Dallas 11.9 13.3 19.2 Chicago _ _ _ 21 6, 5t3 6,896 7,370 San Francisco _ . 15.1 22.5 75.8 St. Louis , 5 1,281 1,331 1,417 Minneapolis 9 751 890 745 Total . -. _- -- --- 377.6 500.8 889.2 Kansas City 15 1,409 1,475 1,442 Dallas . 10 741 808 806 San Francisco 18 3,569 3,650 3,998 BUILDING CONTRACTS AWARDED Total 141 60,455 66, 783 82,846 [Value of contracts in thousands of dollars] BUILDING PERMITS ISSUED [Value of permits in thousands of dollars] 1930 1929 Federal reserve district Num- 1930 1929 January December January Federal reserve district ber of cities January December January Boston. . 16,631 14,850 26, 556 N A R P C h l e i t e c l i w a l v h a n e m d Y t la a e o o n lp n r d k h d i . a . . _ . - . . 2 3 2 7 5 1 7 4 9 0 , , , , , 4 4 4 8 9 3 3 6 1 6 3 3 2 4 1 1 2 1 1 1 1 4 3 6 1 2 , , , , , 8 9 4 2 2 0 2 1 8 8 5 6 7 7 4 1 2 2 2 5 0 8 5 4 6 4 , , , , , 3 4 7 6 7 0 4 4 4 8 6 7 5 8 0 N B C Ph o l e e i s w v l t a o e d l n Y a e n o lp d r h k i . a . . . . . 3 4 3 4 , , , 9 4 6 1 6 4 3 4 9 3 1 7 8 5 2 , , , , 1 5 6 1 9 5 3 6 0 6 4 2 9 2 1 4 0 0 0 , , , , 9 3 5 0 6 1 3 2 4 2 5 3 Chicago 39,906 75, 335 77, 439 Richmond 9,363 6,986 8,863 St. Louis.......---. 13,114 17, 387 25, 479 Atlanta 3,177 2,553 6,520 Minneapolis.: 3,868 8,705 7,466 Chicago 14,174 18,091 24,273 Kansas City 14,922 8,464 15, 668 St. Louis 1,202 2,693 3,802 Dallas 21, 432 12, 908 17, 435 Minneapolis.. 808 1,132 1,215 Kansas City.. 3,011 4,160 4,149 Total (11 districts) 323, 975 316, 368 409,968 D Sa a n ll a F s rancisco. 2 4 0 , , 1 1 7 3 9 2 ' 1 6 2 , , 7 2 6 59 4 2 5 2 , , 5 1 0 3 4 9 Figures for building contracts awarded are for 37 States east of the Total... 168 107,168 118,180 202,298 Rocky Mountains, as reported by the F. W. Dodge Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 MARCH, 1930 FEDERAL RESERVE BULLETIN INDEX OF DEPARTMENT STORES SALES INDEX OF DEPARTMENT STORE STOCKS [Monthly average 1923-1925 = 100] [Monthly average 1923-1925=100] Without seasonal With seasonal I Without seasonal With seasonal adjustment adjustment adjustment adjustment Num- Fede d r i a s l t r r i e c s t erve b s e to r r o es f 1930 1929 1930 1929 Fede d r i a s l t r r i e c s t erve N s b t e o a r r m e o s f - ! i 1930 1929 1930 1929 Jan. Dec. Jan Jan. Dec. Jan Jan. Dec. Jan Jan. Dec. Jan United States.... 497 185 91 102 115 105 United States. 414 94 100 100 B N C Ph o l e e i s w l v t a o e d Y n la e o n lp r d k h . ia 1 9 8 7 0 9 0 8 4 •• 1 1 1 2 7 7 7 0 6 3 1 7 9 9 8 7 6 7 6 8 1 1 9 9 1 1 3 2 0 0 1 1 1 1 0 2 0 0 8 2 9 5 1 1 1 8 0 0 0 9 7 2 2 N B P C h o e le i s w l t v a o e d Y n l e a o lp n rk h d i . a .. . . . 3 4 4 4 4 2 5 9 1 9 8 8 0 4 4 5 4 9 8 7 7 4 8 1 9 9 0 7 4 3 4 7 1 9 8 9 0 6 8 3 9 1 9 8 9 0 7 4 9 6 A C S R t h i t . c l i a c L h n a m o g t u a o o i n s d 8 8 7 7 5 8 6 2 '1 2 1 1 8 0 6 7 9 4 4 1 8 8 8 9 2 9 1 7 1 1 9 8 0 1 3 8 2 0 '1 1 1 1 1 0 0 1 7 6 2 7 1 1 1 0 0 1 0 8 9 A R C St h i t . c l i a c h L n a m o g ta u o o i n s d . . . . . 8 9 7 2 8 9 1 9 8 8 0 2 4 3 7 8 8 9 8 9 8 8 2 1 9 8 9 1 8 9 1 1 1 9 9 1 5 0 6 1 1 9 9 1 0 6 4 0 1 S M K D a a a i n n l n l n s a F a s e r s a a p n C o c i l i t i s s y c 1 o 1 7 8 7 0 0 0 4 4 1 2 1 1 3 7 0 6 2 9 3 5 1 7 8 9 0 0 3 0 6 1 8 9 1 2 3 7 1 1 8 1 2 9 4 7 1 1 8 0 1 1 4 9 M D K Sa a a i n l n n l a s n F a s e r s a a p n C o c i l i t i s y s c . i o _ _ . _ 1 1 0 6 7 0 2 4 2 0 1 1 6 7 0 0 5 3 6 2 1 7 7 9 0 1 1 2 3 1 8 7 0 3 2 8 1 8 1 7 3 2 2 1 8 8 0 0 2 0 i Monthly average 1925=100. r Revised. 1 Monthly average 1925=100. r Revised. COMMERCIAL FAILURES i BANK SUSPENSIONS i IN JANUARY, 1930 [Amounts in thousands of dollars] [Amounts in thousands of dollars] All banks \ Member banks2 Nonmember Number Liabilities Federal reserve Fede d r i a s l t r r i e c s t erve 1930 1929 1930 1929 district N b u e m r - D i e t p s o a s- N b u e m r - D i e t p s o 3 s- N b u e m r - D i e ts p o 3 s- Jan. Dec. Jan. Jan. Dec. Jan. Boston New York 121 i 1 121 Philadelphia 5;i0 2 560 N Bo e s w to Y n ork . _ 2 58 5 8 1 4 2 5 1 7 3 2 56 9 6 2 1 3 6, , 9 6 9 0 9 3 20 7 , , 6 4 4 8 4 6 1 4 6 , , 3 4 8 2 9 6 R C i l c e h v m ela o n n d d 15 2,5 1 7 5 2 2 1 1 4 1 7 5 7 2 14 2, 095 P C h le il v a e d la e n lp d h ia . ... 1 1 7 9 7 7 1 7 4 8 0 1 1 5 9 5 6 6 6 , ,1 8 0 8 1 7 2 8, , 1 4 6 9 8 1 3 4 , , 8 6 1 3 9 6 A S C t h t . l i a c L a n o g t u a o i . s _ _ . _. 1 1 1 6 1 5 1 7 2 1 , , , 1 1 6 3 2 7 2 3 8 5 2 1 1 5 , , 1 6 6 5 9 4 4 0 6 1 1 1 1 3 0 5 5 1, , , 9 4 9 8 8 6 8 6 9 Richmond 184 116 170 4, 510 2,033 2,165 Minneapolis 18 2, 458 18 2,458 A Ch tl i a c n ag ta o 4 1 2 2 8 4 3 1 0 3 7 2 3 1 2 3 5 0 2 7 , , 5 9 8 6 7 6 9 3 , , 8 5 0 9 0 5 4 5, , 1 1 6 7 3 0 D K a a l n l s a a s s City 1 1 7 3, 3 2 0 2 9 2 1 5 2 3 2 6 15 2,773 St. Louis _ 170 113 171 3,054 4, 935 3,053 San Francisco Minneapolis 60 63 56 999 1,182 697 Total -. _. * 97 30,127 i 13 8,677 84 21, 450 Kansas City 163 96 144 3, 983 1,578 1,274 D Sa a n ll a F s ra . ncisco 35 6 0 7 28 3 3 9 27 5 2 8 4,0 4 0 8 8 8 4 1 , , 5 0 1 3 8 5 7 1 , , 0 0 8 0 0 6 ord 1 e B r a o n f k s s u p c e lo r s v e i d so r t y o a th u e th o p r u i b ti l e ic s o o r n d a ir c e c c o to u r n s t o o f f t h f e in b an a c n i k a . l difficulties by Total 2,759 2,037 2, 535 61,185 67, 465 53, 877 2 Includes 9 national banks with deposits of $3,402,000 and 4 State member banks with deposits of $5,275,000. 3 Subject to revision. 1 Figures furnished by R. G. Dun Co. 4 Includes 1 private bank for which deposit figures are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN MARCH, 1930 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the .Bank of France for from 62,200,000,000 francs ($2,438,240,000) to 1929 was presented to the regular meeting of almost 63,000,000,000 francs ($2,469,600,000); shareholders on January 30, 1930. The main the volume of other demand obligations ta section dealing with financial and economic banks and individuals rose from 6,700,000,000 conditions is given herewith:1 francs ($262,640,000) to 6,800,000,000 francs The French money market, having func- ($266,560,000). Throughout this period we tioned under normal conditions since June 25, actually furnished the market, through the 1928, has developed freely and favorably dur- medium of public funds and by the expansion ing 1929 under the regime of the gold standard. of our discounts, more funds than the market The money market during the first half turned in to us in payment for foreign bills year.—Throughout the first half of the year which we delivered to it. From December 22, floating funds, attracted by the unusually 1928, to June 21, 1929, the public treasury and favorable rates of interest prevailing in most the Caisse d'Amortissement released from their foreign markets, sought investment abroad, accounts with the bank and put into circulation and in general foreign exchange rates remained 1,413,000,000 francs ($55,389,600) which had rather high. This tendency, however, at no previously been immobilized. At the same time reached the proportions of an actual time our portfolio of discounted bills increased exodus of capital, and the large volume of by 1,718,000,000 francs ($67,345,600)—from metallic reserves and foreign balances of the4,648,000,000 ($182,201,600) to 6,366,000,000 bank enabled it to meet the situation very francs ($248,371,200)—and the volume of our easily. advances on securities rose by 163,000,000 francs ($6,389,600). Our supplies of foreign exchange, it is true, declined during the first six months by about The money market during the second half 7,000,000,000 francs ($274,400,000)—from 32,- year.—Beginning with July, various factors, 760,000,000 francs ($1,284,192,000) on De-normal and abnormal, combined to reverse the cember 22, 1928, to 25,671,000,000 francs tendency of the exchanges and throughout the ($1,006,303,200) on June 21, 1929. But this second half year to maintain the franc at a level decline was compensated to the extent of favorable to France. The influx of tourists 4,778,000,000 francs ($187,297,600) by the from abroad brought the usual credit to the simultaneous increase in the metallic reserve, national balance of payments. The needs of which during the same period rose from 31,- commerce and industry compelled the banks 838,000,000 francs ($1,248,049,600) to 36,-to repatriate part of their foreign holdings in 616,000,000 francs ($1,435,347,200) as a result order to strengthen their cash balances. Fiof our converting foreign bills into gold on nally, during the last months of the year, the foreign markets and also to a less extent as a crisis which the New York market experienced result of our domestic purchases of coin. In and the decline in the cost of short-term funds fact, our aggregate reserves of gold and in the majority of European markets helped to foreign exchange, which stood somewhat above direct toward Paris a large flow of funds pre- 64,500,000,000 francs ($2,528,400,000) at theviously sent abroad for speculation or investbeginning of the year, declined during the first ment. All these large movements of capital half of the year by only the relatively small during the last six months of the year reamount of 2,311,000,000 francs ($90,591,200). sulted in a large and continuous demand for In spite of the return of francs (to the bank) francs. The exchange value of our currency rose in the principal markets of the world; it caused by our release of foreign bills, the reached, and on several occasions passed, the aggregate means of payment—notes in circulagold-export point; accordingly, it was by gold tion and credits in current account—not only shipments that the international credit balance underwent no contraction during the first half of this country w^as liquidated during most of of the year but even increased by about the second half year. 900,000,000 francs ($35,280,000). The volume of notes in circulation rose (in round numbers) The gold which the French banks were thus led to import as a result of the high level of * In addition the report contains remarks on personnel, details of French exchange was, of course, brought to the banking operations, income statement, etc. For earlier reports, see Bank of France by the commercial banks for FEDERAL RESERVE BULLETIN, March, 1929,1928,1927, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 MARCH, 1930 FEDERAL RESERVE BULLETIN conversion into francs. We had to accept all increase in one year of more than 80 per cent. these offerings of gold in accordance with the Beginning with the latter part of August, it monetary law of June 25, 1928, which obligates exceeded 9,000,000,000 francs ($352,800,000) on the bank to purchase, at a fixed price, all gold several occasions, and on November 29 reached offered. This exchange of gold against francs, its maximum of 10,644,000,000 francs ($417,which was obligatory under the law, brought a 244,800). After that date demands for credit new and very large advance in our metallic moderated, chiefly as a result of redemptions reserves. Although our portfolio of foreign ex- and purchases by the Caisse d'Amortissement, change remained practically unchanged from and the capital market was able to meet the June 21 to December 24 (the last day of the end-of-year commercial settlements under confiscal year), the amount of gold held by the ditions of extraordinary ease. bank increased, almost without interruption, by In spite of the increase in our portfolio and more than 5,000,000,000 francs ($196,000,000), the high cost of money in some of the larger rising from the sum of 36,616,000,000 francs foreign markets, our official discount rate re- ($1,435,347,200) mentioned above to 41,622,- mained fixed during the year at the very moder- 000,000 francs ($1,631,582,400), a figure which ate level of 3% per cent, from which it has not has since been exceeded. deviated since January 19, 1928. Policy of the Bank of France.—The enormous Demand liabilities of the bank.—The twofold increase by which our reserve benefited during increase in reserves and discounts had its influthe second half of the year is merely the natural ence, of course, upon the volume of demand result of the international movement of funds. obligations. The note circulation rose (in From June to December we never took the round numbers) from 63,000,000,000 francs initiative in acquiring gold by means of foreign ($2,469,600,000) on June 21 to 67,800,000,000 bills. We were obliged, in fulfillment of our ob- francs ($2,657,760,000) on December 24. The ligation to regulate the currency, to accept all volume of our credit accounts with banks and gold of foreign origin which w^as offered to us with individuals showed a parallel increase of over the counter for francs, but we did not at about 1,100,000,000 francs ($43,120,000), and any time intervene in the exchange market to at the end of the year amounted to 7,926,000,000 accelerate the pace of these gold imports. The francs ($310,699,200). bank has opposed no obstacle whatever to the Deposits of the public treasury and of the free play of the money market under the regime Caisse d'Amortissement, which, as mentioned of the gold standard. It will not depart from above, declined by 1,413,000,000 francs ($55 r this attitude, whatever may be the direction of 389,600) during the first half year, increased capital movements. Whenever, under the influ- thereafter by about 2,500,000,000 francs ($98,ence of an advance in foreign exchange rates, 000,000) up^to the middle of September, then gold shall be demanded over our counters in- showed another decline toward the end of the stead of being offered, the bank will permit year, and on balance for the last six months gold to flow oat in execution of the monetary increased by 757,000,000 francs ($29,674,400). law just as freely as it permitted it to flow in. On December 24 last they reached a total of Assistance rendered the money market.— 12,167,000,000 francs ($476,946,400), less by The funds which the bank furnished to the 656,000,000 francs ($25,715,200) than the figure market during the last six months of the year for December 22, 1928. through its purchases of bullion and coin aided The aggregate volume of the bank's demand most opportunely in easing the monetary obligations—notes in circulation and credits in stringency which was threatened by reason of current account—amounted, therefore, on the the demand for accommodation on the part of last day of the fiscal year to a total of about commerce and industry, the advance in retail 87,800,000,000 francs ($3,441,760,000); these prices, and the large withdrawal of funds were covered to the extent of 41,600,000,000 through taxation. This relief, however, was francs ($1,630,720,000) by the bank's gold not sufficient, and we were compelled to provide reserve and to the extent of 26,000,000,000 for the needs of business by a new and con- francs ($1,019,200,000) by its holdings of forsiderable increase in our discounts. The vol- eign exchange. ume of discounted bills in our portfolio rose The ratio of the reserve to the aggregate steadily. It increased by 2,092,000,000 francs demand liabilities of this character advanced ($82,006,400) from June 21 to December 24; on throughout the year, almost without interrupthe latter date it amounted to almost 8,500,- tion, from 38.97 to 47.37 per cent. Thus at 000,000 francs ($333,200,000), thus showing an the close of the year the reserve exceeded by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN MARCH, 193© 12 points the minimum ratio of 35 per cent pecially under the influence of the steady required by the law. adjustment of salaries and wages to the stabili- Monetary security and savings.—The confi- zation level of the currency. The index of dence which a sufficient metallic reserve inspires retail prices, which at the end of December, in the permanent future of the franc has been 1928, was 596, rose to 634 in May, 1929, and reflected in public savings and has stimulated declined again to 614 at the end of December the bond market to a noteworthy extent. Sur- last, plus funds, in view of the assured stability and Industrial and commercial activity.—As a security of the currency, have again sought result of circumstances in the domestic market, long-term investment. A large number of of which they were able to take advantage*, industrial or financial enterprises were able in agriculture and industry have in general 1929 to reduce the rate of interest on their progressed favorably. The large harvests, indebtedness and, for the first time in many sufficient to meet the needs of our national years, to obtain the capital necessary for carry- consumption, have enabled the country to ing on their business at moderate rates. The reduce its import of foodstuffs during the price of French rentes, stimulated by the favor- second half year by a very considerable amount. able situation of public finances and by the Production of coal rose from 52,500,000 tons systematic policy of amortization carried on in 1928, to 55,000,000 tons in 1929, but the by the Caisse Autonome d'Amortissement, ever-increasing needs of our industries for fuel—registered a very considerable advance in the needs which bear witness to, their activity— course of the year—a fact which bears witness have obliged them to make demands on foreign to the complete reestablishment of Government production. During the 12 months just past credit and to the soundness of the financial France has consumed 83,000,000 tons of coal, reconstruction carried on for the past three as compared with 70,000,000 tons in 1928, and years. with 61,000,000 tons in 1913; furthermore, the Prices.—The economic situation of the coun- tonnage imported was very much greater than try and its industrial and commerical activities that of the year before. have continued, on the whole, to develop favor- The building and metallurgical industries ably and have suffered no adverse effects from have been particularly active. Production of the movements of capital mentioned above or steel rose from 10,000,000 tons in 1928, to from the increase in the volume of fiduciary 10.500,000 tons in 1929. circulation. The general movement of trade and com- The general index of wholesale prices, which merce, which is reflected in the figures of railstood at 637 at the end of December, 1928, way business and in the statistics of the seaadvanced, as it usually does, during the first ports, likewise shows progress. The daily three months of the year. In March it reached average of freight-car loadings rose from 653. Thereafter it declined gradually until at 63,300 cars in 1928 to 65,000 cars in 1929, and the end of December it was 588—its lowest the gross income of our great railway systems level. If the large groups of merchandise exceeded that of the preceding year by 170,which are used in the compilation of this index 000,000 francs. The entries and clearings of are considered separately, it may be said that, ships amounted to 110,000,000 tons in 1929, comparing 1929 with the preceding year, the an increase of 10,000,000 tons as compared price of consumption goods declined from 589 with the year 1928. to 546 and that of raw materials from 679 to Balance of trade.—On the other hand, in 625. Wholesale prices, therefore, followed for spite of the efforts of our exporting industries, the most part the general decline of world the foreign commerce of France showed a larger prices on the important markets, although to a adverse balance than that of the year before—* far less extent; this parallel movement tends to the volume of imports rising to 59,447,195 tons, prove that wholesale prices have become fairly as compared with 49,105,307 tons in 1928. well adapted to the rate at which the legal value Exports showed a decline from 41,080,629 tons of the franc was fixed in 1928. to 39,888,775 tons. The total value of our The adaptation of retail prices to new mone- imports amounted to 58,284,000,000 francs tary conditions—which is necessarily more ($2,284,732,800), an increase of 4,836,000,000 gradual—continued well into 1929, and their francs ($189,571,200). The value of exports, index, after having been for a long time below on the other hand, totaling 50,072,000,000 that of wholesale prices, has now caught up francs ($1,962,822,400), showed a decrease of with the latter, as was to be expected, es- 1,274,000,000 francs ($49,940,800). Thus the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 115 adverse balance increased from 2,102,000,000 adoption in France of gold monometallism and francs ($82,398,400) in 1928 to 8,212,000,000 currency reform—calls for a methodical and francs ($321,910,400) during the past year. coordinated effort of organization and adapta- This showing, however, should not cause un- tion, which is dependent on the triple action of due anxiety. The increase in the debit items Parliament, the Government, and the banks. of our merchandise trade balance appears to Certain timely measures have already been be'the result of increase in the value and vol- taken in this direction by the public authorities ume of our imports—especially of raw mate- and by the great commercial banks in Paris. rials which are intended to replenish our work- We have assisted and shall continue to assist ing stocks.—far more than to the relatively in furthering such measures within the limits slight decrease in our exports. The actual which our function and our statutes prescribe. amount of commodities manufactured for sale Measures taken by the Bank of France.—One abroad really shows a slight advance. The of the most immediately indispensable tasks situation revealed by the comparative totals of would seem to be to assure more rapidity and the various elements of our foreign commerce flexibility to the mechanism of the short-term during 1929 is not, in fact, so very different from money market. Your board of directors moved that which this country experienced regularly in this direction toward the end of last year by before the war and which in no way affects adopting two measures which have been well adversely the very strong position which France received. Since the end of October the holds in the international capital market. principal banking houses have had the privilege One should not fail to recognize, however, of presenting their requests for discount accomthat very active competition from foreign counmodation at our head office not only until noon tries and the consequent difficulties which but up to the time in the afternoon when the French, foreign commerce is meeting make it daily market transactions are settled. This eximperative for our exporters to reduce their tension of time permits all these establishments net costs. It is to be hoped that new facilities to adjust their cash position more easily, to may be accorded them by a reduction of their avoid any useless tying up of money as well as taxes, a measure toward which both the Govthe contraction of burdensome emergency loans, ernment and Parliament have been directing and to facilitate transactions by the more their efforts. rational use of their available funds. Expansion of the Paris market.—The year which has just closed has been for France a Furthermore, it seemed advisable to permit period of very strong financial consolidation, the market to call on us for funds for very short of economic adaptation, and, on the whole, of periods of time when it had temporary need of prosperity and progress. The franc, guaran- them and then to return them as soon as they teed to the extent of more than 45 per cent by were no longer needed. Sharp fluctuations in the gold, redeemable on demand in gold over the demand for funds and in the available supply counter at the bank, has again become one of take place rather frequently, especially on the the strongest currencies of the w^orld as a re- day preceding and the day following the masult of the confidence which it has been able to turing of a large volume of commercial bills. inspire. To lessen the extent of these fluctuations, which tend to exert pressure on the cost of money and A very large metallic reserve safeguarded by sometimes on the level of the exchanges, we a large supply of foreign bills assures the French have since December 6 granted certain Paris market of exceptionally favorable credit coninstitutions the privilege of discounting with us ditions and opens before it the prospect of bank acceptances of commercial origin, which security and growth. This favorable situacarry all the guaranties demanded by our tion—the fruit of continuous effort toward restatutes, and of repurchasing them after an construction, and the reward of the wisdom interval of a few days before their maturity. and the virtues of the French people—should be utilized henceforward in the interests of the We think that the combined effect of these country itself and of the world economy. This two measures will help not only to facilitate situation affords the Paris market an excellent and regulate the domestic movements of capital opportunity, and imposes upon it the obliga- but also to further the creation and the growth tion, to participate more actively in the distri- in France of a large international acceptance bution of international credit in collaboration market and thus to prepare Paris for the more with the other great world markets. Such a extended role which henceforward it can and financial expansion—rendered possible by the should assume. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN MARCH, 1930 BALANCE SHEET OF THE BANK OF FRANCE AS OF AUSTRALIA—TEXT OF COMMON- DECEMBER 24, 1929 WEALTH BANK ACT, 1923 Toward the close of 1929 an amendment to Francs (in Dollars l(w • thousands) thousands) the Commonwealth Bank act was adopted in Australia with the purpose of concentrating the RESOURCES management of Australian gold in the hands of the Commonwealth Bank, a Government insti- Gold reserve (coin and bullion) 41,622,114 1,631, 587 Silver and copper coins 221, 536 8,684 tution and the sole bank of issue in the country. P F o u s n t d a s l c a u v r a r i e la n b t l a e c o c n o u d n e t m s. and abroad 7, 7 2 6 8 1 0 , , 2 9 0 3 9 0 2 2 8 9 5 , , 8 4 3 1 9 2 By the terms of the amendment the Australian Advances on gold bullion and coin 50 2 Treasurer may authorize the board of directors Bills: Commercial bills discounted— of the bank to compel persons holding gold to A In b r F o r a a d nce 8,43 2 6 2 , , 0 4 6 1 5 3 330,6 8 9 7 4 9 report their holdings and, if the directors request it, to exchange their gold for Australian 8,458,478 331, 572 notes. This provision is significant by reason of "Negotiable bills bought— the fact that approximately one-half of the total In France 34,938 1,370 Abroad 18, 749,819 734,993 stock of monetary gold in Australia is held by 18, 784, 757 736,363 the private banks. The amendment further provides that upon the recommendation of the Advances against securities _ 2, 507, 466 98, 293 Negotiable bonds of the Caisse d'Amortisse- board of directors of the Commonwealth Bank ment _ 5, 611, 552 219,973 (Convention of June 23, 1928). the Governor-General may prohibit the export Loans to the Government without interest 3, 200, 000 125,440 of gold from the country except with the ap- (Law of June 9, 1857; convention of Mar. 29, 1878; law of June 13, 1878, extended; proval of the Australian Treasurer acting upon laws of Nov. 17,1897, Dec. 29,1911, Dec. 20, 1918, and June 25, 1928). the recommendation of the board. This second Rentes earmarked for special purposes 112,981 4,429 provision is an added safeguard. The redemp- Bank buildings and equipment _ 220,425 8,641 Miscellaneous resources 1,453, 818 56,990 tion of the currency of the country in gold Totak- 90,235, 319 3, 537, 225 coin, wThich is still required by law, also becomes, in effect, subject to the discretion of LIABILITIES the bank through its power to requisition gold. Capital __ . . 182, 500 7,154 Surplus 272, 696 10, 690 It is to be noted that the power of the board to (Laws of June 9, 1857, and Nov. 17, 1897.) Reserve invested in legal securities act under the amendment is subject to the con- (Law of May 17, 1834; decrees of Apr. 27 22,106 867 sent of the Australian Treasurer (himself a and May 2, 1848; law of June 9, 1857.) Depreciation reserve (real estate) member of the board) or the Governor-General. 4,000 157 Profit and loss: These measures were taken apparently in P P r r o o v v i i s s i i o o n n a a g g a a i i n n s s t t o co v n e t r i d n u g e e n b c il i l e s s._ 7 21 0 , , 0 0 0 0 0 0 2,7 8 4 2 4 3 view of the depletion of the foreign balances Gross dividends:« 347.56 francs (net 285 held by Australian banks, the high premium on francs) 63,430 2,486 Payment to the Government of sum equal foreign currencies, and the consequent induceto the annual dividend in excess of 240 francs net.. 51,100 2,003 ment to export large amounts of gold from the Carried forward 103,485 4,057 country. The depletion of foreign balances has Total 309,015 12,113 been due to the long period of stringency in the Demand liabilities: principal money markets of the world and the Notes in circulation 67, 769, 335 2, 656, 558 difficulty of borrowing abroad. The serious Current account of the Treasury 7, 662,376 300,365 Current account of the Caisse d'Amortisse- decline in the price of wool, the chief export ment 4, 505, 520 176,616 Other current accounts and deposits- 7, 519,462 294, 763 commodity of the country, and the partial Other demand liabilities 406, 524 15, 936 failure of the wheat crop were other factors in 20,093, 883 787,680 the situation. Under the circumstances, not- Miscellaneous liabilities 1, 581, 783 62,006 withstanding the fact that the Commonwealth Bank still held in its reserves almost twice the Total 90,235,319 3, 537, 225 amount of gold legally required, it was deemed Total demand liabilities, 87,863,218,746 francs. advisable to bring the gold export movement Ratio of gold reserve to demand liabilities, 47.37 per cent. under control. * Conversion at par: 1 franc= $0.0392. The full text of the amendment is presented 2 For second half year. Gross dividend for first half year, 286.59 francs on the following page. (net 235 francs). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

"MARCH, 1930 FEDERAL RESERVE BULLETIN 117 COMMONWEALTH BANK (3) For the purposes of this section— (a) The equivalent of gold coin shall be the nominal No. 31 of 1929 value thereof, and of gold bullion shall be three pounds An Act to Amend the Commonwealth Bank Act, seventeen shillings and ten pence and one halfpenny 1911-1927 per ounce of the standard gold content of the bullion; and (b) "Standard gold" contains eleven-twelfths fine (Assented to 17th December, 1929) gold. Be it enacted by the King's Most Excellent Majesty, (4) Any person who refuses or fails to comply with the Senate, and the House of Representatives of the any requirement made under this section shall be Commonwealth of Australia, as follows: guilty of an offence. Penalty: A fine of one hundred pounds or imprison- Short title and citation. ment for one year or, in the case of a corporation, a 1. (1) This act may be cited as the Commonwealth fine of one thousand pounds. Bank act 1929. (2) The Commonwealth Bank act 1911-1927 1 is in Export of gold. this act referred to as the principal act. 7C. (1) Where, after the receipt of a recommenda- (3) The principal act, as amended by this act, may tion from the board, the Governor-General is of opinion be cited as the Commonwealth Bank act 1911-1929. that it is expedient so to do, he may by proclamation 2. After section seven A of the principal act the prohibit the export of gold from the Commonwealth following sections are inserted: except in accordance with the provisions of the succeed- Returns of holdings of gold. ing subsections of this section, and thereupon gold shall not, while the proclamation remains in force, be exported 7B. (1) Where the Treasurer [of the Commonwealth] from the Commonwealth except in accordance with is satisfied that it is expedient for the protection of the those provisions. currency, or of the public credit of the Commonwealth, (2) Any person who desires to export gold from the to obtain particulars of gold coin and bullion held by Commonwealth may apply in writing to the board for persons in Australia, or to require the exchange of any the approval of the Treasurer of the export of the gold. gold so held for Australian notes, he may, by notice in (3) Where, after the receipt of a recommendation writing, authorize the board [of directors of the Comfrom the board for such approval, the Treasurer is of monwealth Bank]— opinion that it is expedient so to do, he may in his (a) To require persons to furnish particulars of the absolute discretion approve of any application under gold coin and bullion held by them; and this section. (6) To require persons to exchange for Australian (4) Any person who exports gold without the notes any gold coin or bullion held by them. approval of the Treasurer shall be guilty of an offence. (2) The board may, in pursuance of any authority Penalty: A fine of one hundred pounds or imprisongiven under the last preceding subsection, by notice ment for one year or, in the case of a corporation, a in writing— fine of two per centum of the value of the gold in (a) Require any person to furnish to the bank respect of which the offence was committed but in no particulars in writing of the gold coin and bullion held case less than one thousand pounds. by that person; and (b) Require any person to exchange with the bank Exemptions from export provisions. for its equivalent in Australian notes any gold coin or 7D. Nothing in the last preceding section shall bullion held by that person. prevent any person taking with him out of the Commonwealth gold of a value not exceeding twenty-five i Act No. 18, 1911, as amended by No. 24, 1914; No. 43, 1920; No. 15, 1924; No. 16, 1925; and No. 36, 1927. pounds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN MARCH, 1930> FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396] Month tr T c i o e ( o 4 u s t 4 n ) a l - i' U St n a i t t e e s d » t g i A n e r n a - - 3 A t l r u i a a s - - g B iu e m l- B z r il a * - a C d a a n * - l E a n n g d - 6 France m G a e n r y - d I i n a - 7 Italy p J a a n - 8 N la e e n r t d - h s - Rus- Spain S l z a w e n r d i - t- o c tr o t 2 i h e u 8 e s n r r - 1929—January 10,042 3,746 605 109 126 149 79 744 1,333 650 128 266 541 175 92 494 93 712 February 10,065 3,776 603 109 126 150 78 736 1,334 650 128 266 541 175 92 494 93 713 March.. 10,092 3,814 585 110 126 150 78 748 1,340 639 128 270 542 170 92 494 93 713 April 10,049 3,889 569 110 134 150 78 762 1,403 451 128 270 542 174 92 494 95 70S May 10,121 3,931 564 106 134 151 78 795 1,435 420 128 270 542 176 93 494 96 7Q9 June 10,134 3,956 527 108 139 151 76 780 1,436 455 128 271 542 176 93 494 96 707 July 10,151 3,974 513 111 141 151 76 694 1,462 512 128 271 541 181 103 495 98 700 August 10, 233 3,995 507 113 141 151 77 670 1,526 520 128 271 541 178 119 495 98 704 September... 10,262 4,008 497 114 142 151 77 648 1,545 527 128 272 541 178 132 495 103 704 October 10.293 4,023 476 109 143 151 77 643 1,570 531 128 272 541 178 142 495 103 709 November... 10, 298 4,003 452 97 151 151 78 659 1,600 534 128 273 542 180 142 495 105 708 December... *10, 291 3,900 434 89 163 150 78 711 1,633 544 128 273 542 180 147 495 115 1930—January PIO, 360 3,921 M46 88 164 P144 P78 732 1,683 547 128 *273 520 177 147 495 108 February v 3, 987 »740 P 1, 680 150 1 r Revised last month to include figures for Albania, Ecuador, Guate- 3 Government conversion fund and Bank of the Nation. mala, and Mexico; see BULLETIN for February (p. 73). * Bank of Brazil and stabilization fund. » Preliminary, based on latest available figures. • Includes gold held by Government against Dominion notes and 1 All countries for which satisfactory figuresa re available; see explana- savings bank deposits, and such gold as is held by chartered banks in tion in BULLETIN for April, 1929 (p. 263), where separate figures for 40the central reserve. countries are given by years back to 1913. The 16 countries for which e Gold held by Bank of England. figures are here shown separately by months include all those which 7 Currency and gold standard reserves. have held gold in recent years to the amount of $90,000,000 or more. 8 Domestic holdings of Bank of Japan and the Japanese Government- 2 Treasury and Federal reserve banks. GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands A So fr u i t c h a India Month Im- Ex- Im- Ex- | Im- Ex- Im- Exports ports Net ports ports Net J ports ports Net ports ports Net Net Net J 1929 January 48, 577 1,378 47,199 1,250 577 11,844 27,891 -16,047 504 14 490 -16,607 4,730 A J J N M M A D F S O u u e e p u c o e a a n l p b t r y g y c v r e o i t r c u e l e e b u h s m m m e a t r r b b b y e e e . r r r _ . . . . _ . . 2 2 2 2 3 3 2 1 1 0 5 4 1 9 8 8 7 6 6 4 , , , , , , , , , , , 1 1 4 9 0 3 6 7 5 2 7 2 2 7 1 9 8 2 6 2 7 8 3 1 0 3 8 7 1 2 5 1 1 J 3 7 0 2 3 1 1 1 1 , , , , , , , 6 4 8 2 4 8 8 5 5 2 5 3 2 0 0 6 0 8 5 9 8 4 5 5 5 5 7 7 1 0 4 9 7 - - 2 6 2 2 2 2 3 3 1 1 1 3 4 3 4 7 7 3 5 4 0 8 , , , , , , , , , , , 1 4 0 4 8 2 3 6 5 7 5 6 2 9 8 1 3 9 3 1 7 1 6 6 3 8 2 5 0 0 6 6 8 4 2 l 8 7 4 9 i 1 1 1 7 5 1 , , , , , , , , , , , 7 6 3 7 4 9 0 7 7 r 0 9 3 6 2 4 9 9 2 2 1 3 8 8 6 4 3 3 8 8 9 223 1 , , 8 8 7 7 8 9 6 7 0 2 5 0 7 8 1 8 6 1 0 4 1 9 1 9 1 6 4 4 2 7 -22 4 2 1 1 0 9 3 4 6 8 6 1 , , , , , , , , , 4 1 1 8 0 8 6 8 5 2 0 8 6 4 7 1 1 2 9 7 9 8 0 2 9 5 4 2 4 7 2 0 8 ! j i : : : ! 2 2 2 2 3 6 1 1 1 1 5 2 8 6 5 7 1 6 2 8 , , , , , , , , , , 1 3 0 3 7 3 5 5 2 2 4 0 4 8 3 9 4 7 4 2 4 1 7 5 4 1 3 8 9 6 1 4 2 4 5 2 2 0 1 1 1 0 3 4 7 9 6 7 0 6 , , , , , , , , , , , 0 7 6 7 4 4 3 8 2 2 7 0 1 4 5 3 7 8 8 4 9 7 1 4 9 9 6 2 3 3 4 4 8 1 - - - - - 7 1 4 2 4 1 1 2 9 7 8 2 2 7 8 3 8 2 1 , , . , , , , , , , , 0 9 0 9 4 4 7 9 9 9 6 3 1 3 5 8 0 9 0 8 0 3 6 7 0 2 2 6 5 1 " 3 2 4, M 3 1 2 1 1 1 1 1 1 1 1 8 3 6 9 3 7 2 9 0 0 6 1 3 5 9 0 3 7 7 8 7 14 2 , , 5 3 2 1 2 r 1 1 1 2 6 2 8 3 2 5 7 7 2 0- - 1 2 4 4 , , , 4 ' 1 3 1 1 2 1 1 1 1 9 8 6 9 7 1 2 7 6 8 9 9 3 7 2 5 1 3 6 5 0 - - - - - - - - - - - 1 1 2 1 1 2 2 1 1 1 2 5 7 0 1 7 5 4 2 5 8 0 , , , , , , , , , , , 8 9 8 9 3 8 8 2 9 6 5 7 8 4 1 7 7 1 2 2 2 4 1 1 8 6 5 5 2 0 2 5 2 1 4 4 7 6 6 3 3 3 2 3 4 , , , , , , , , , , , 0 1 1 7 5 4 3 7 0 6 5 7 6 7 4 8 0 9 0 6 0 9 6 4 1 6 0 8 0 a 0 5 6 . - 1930 January 12,908 8,948 3,960 5,052 629 4,423, 41,702 16,102 25, 600 248 3,224 -2,975 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollars] [In thousands of dollars] 1930 1929 1929 1928 From or to January January Calendar year From or to November N Ja o n v u em ar b y e - r Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports France 351 10, 676 332 2,066 162, 527 England 654 9,779 11,071 N G e er th m e a r n la y nds 5 3,4 1 8 8 1 7 5 5 9 8 2 9 1 3 4, , 2 3 0 8 3 2 92 2 , , 0 9 0 9 6 1 | U A n d i e t n e d a n S d t a d t e e p s enden- 22 4,086 Spain and Canaries.! 5 8 4 359 cies 106 952 910 Switzerland 407 3,041 10, 781 Arabia 180 1,264 17r00 United States 12, 797 23, 090 61,293 British Oceania 2,191 5,405 5,067 South America 12, 387 49 39,129 Bahrein Islands 116 285 British India 885 1,460 " 16," 320 Ceylon 267 4,016 720 Australia ~9~830' 2 24, 603 China 14 181 153 New Zealand 2,433 Mesopotamia 240 2,203 1,543 Egypt 246 3, 78 Straits Settlements.. 17 200 48 Rhodesia 361 359 4,641 Egypt 732 6,652 6,714 Transvaal 18, 372 10,458 184, 954 Natal "___ 24 28,856 44, 387 West Africa 370 5 270 3 4,216 All other countries.. 206 ~44 All other countries.. 25 403 285 8,822 1,003 33,434 Total 41,702 16,102 11,844 27,891 303,725 377, 505 Total___ 4,408 59,670 46 76, 007 p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 119 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month) 1930 1929 1930 1929 Jan- De- No- Jan- De- No- January cember vember January uary cember | vember uary Bank of England (millions of pounds National Bank of Belgium (millions sterling): of belgas): Issue department— Gold 1,177 1,175 1,083 Gold coin and bullion __. 150.1 145.8 134.7 152.7 Foreign bills and balances in gold. 542 578 567 537 Notes issued 410.1 405.8 394.7 412.7 Domestic and foreign bills 816 816 822 673 Banking department- Loans to State 322 (3) 344 350 Gold and silver coin. .3 .2 .7 .3 Note circulation 2,7 2, 685 2,694 2,419 Bank notes.. 62.1 26.3 40.2 57.1 Deposits 138 249 161 107 Government securities 54.3 67.1 57.7 50.5 Other securities 14.0 17.7 17.9 15.9 Bank of Brazil (millions of milreis): Discounts and advances 5.5 22.3 15.3 9.7 Gold 407 407 407 Public deposits 14.6 8.8 17.4 19.2 Currency 690 714 604 Bankers' deposits 67.5 71.0 58.2 58.2 Correspondents abroad 305 293 237 Other deposits 36.0 35.8 38.2 37.9 Loans and discounts 1,440 1,403 1,141 Reserve ratio 1 (per cent) 52.9 22.9 35.9 49.7 Securities 128 128 152 Bank notes in circulation 2 348.0 379.6 354.6 355.6 Note circulation 592 592 592 Deposits 1, 679 1,667 1, 375 Bank of France (millions of francs): National Bank of Bulgaria (millions Gold 42, 921 41, 668 40,808 33,995 of leva): Sight balances abroad 6,984 7,249 7,107 11, 789 Gold 1,395 1,389 1,386 1, 329 Foreign bills 18, 732 18, 693 18, 741 18, 738 Net foreign exchange 506 912 846 2,170 Loans and discounts 8,517 11,146 13,155 7,252 Total foreign exchange 875 1,307 1,318 2,990 Negotiable bonds 5,453 5.612 5,612 5,930 Loans and discounts 1,227 1,402 1,583 1, 345 Note circulation 70, 339 68,571 I 6881,15599 62,153 Government obligations 3,340 3,505 3,505 3,685. Public deposits 10,172 11,737 I 13,871 12, 712 Note circulation 3, 260 3,609 3,900 3,898 Other deposits 7, 512 7, 850 7,105 7, 495 O ther sight liabilities 1,886 2,231 2,144 3,399 Central Bank of Chile (millions of German Reichsbank (millions of pesos): rei L D G R G c o e h e o o a s p s l l d d e n m o r s s a v r a i e a b e r t s s s k n o e s d a r i ) n r v : d d e f i o sc re o i u gn n ts exchange 2 2 , , 3 3 1 2 1 5 9 4 5 2 7 7 0 7 2 3 2 , , 4 0 1 7 1 0 3 9 5 5 4 5 3 9 0 2 2 , , 0 3 4 5 1 9 4 9 7 5 5 1 7 0 4 2 1 , , 6 8 4 1 4 8 8 2 5 4 5 6 3 2 N D D L G o e o e o a p p l t d e n o o s s s c a i i i t a t t r s s n h c d u a o l b m d a r t i e o i s o a c d n ounts 5 3 1 1 6 0 4 8 0 3 1 4 1 3 4 3 1 6 0 9 4 4 3 3 1 6 6 4 3 1 8 6 1 3 6 4 3 0 0 2 4 3 1 5 6 5 3 6 0 1 6 4 6 Reichsmarks in circulation. 4,653 5,044 4,916 4,454 Bank of the Republic of Colombia Rentenmarks in circulation 392 410 410 522 (thousands of pesos): Gold at home 21, 270 22, 371 23, 396 25,14a Bank G L C o o r o e a l f d d n I i s t a t a s t a l n a y h d n o ( d m d m i e b i s l a c l l i o a o u n n n c s e t s o s f a l b ir r e o ) a : d _. 4 5 4 , , , 7 9 1 1 1 8 1 3 9 6 5 5 , , , 1 1 1 2 5 9 1 1 0 5 5 5 , , , 1 1 1 8 9 6 9 4 7 4 5 5 , , , 8 7 0 1 4 5 0 3 2 D L N G o e o o a p l t d e n o s s c a i i a b t r s n r c o d u a l d d a i t s io c n ounts J 3 1 1 4 6 0 7 , , , , 7 9 2 8 7 2 4 9 9 0 6 7 3 1 1 9 6 5 8 , , , , 8 1 0 3 6 3 7 7 5 5 4 7 3 1 1 8 8 6 7 , , , , 0 0 7 5 8 4 5 8 4 4 7 5 3 5 1 1 6 0 , , , 7 2 7 8 7 3 1 9 6 Total note circulation 16, 329 16, 774 16, 828 16, 590 Czechoslovak National Bank (mil- Public deposits 300 300 300 300 lions of Czechoslovak crowns): Other deposits 1,560 1,685 1,422 2,450 Gold 1, 262 1,258 1,259 1,157 Foreign balances and currency... 2,039 2,270 1,954 2,010 Bank of Japan (millions of yen): Loans and advances ! . 364 1,011 994 184 Gold 1,066 1,065 1,063 1,062 Assets of banking office in liqui- Advances and discounts 732 793 769 827 dation 355 362 366 i 427 Government bonds 179 187 195 170 Note circulation 6, 923 8, 230 7,689 | 7,115 Notes issued 1,347 1,633 1,279 1,355 Deposits I 407 675 562 Total deposits... 822 638 872 786 Danish National Bank (millions of \ kroner): i Commonwealth Bank of Australia Gold I 172 172 172 17a (thousands of pounds sterling) : Foreign bills, etc | 106 91 87 94 Issue department— Loans and discounts ! 78 97 82 65 Gold coin and bullion 18,148 18,264 19, 951 22,481 Note circulation ! 347 367 370 i 336 Securities 17, 263 20, 967 19, 650 23,881 Deposits I 35 53 34 | 29 Banking department- Coin, bullion, and cash 1,411 1,223 1,386 1,536 Bank of Danzig (thousands of Dan- , Bank D L S M e o e n d o c a p o o n u n o t n r e s e s i y s t i a i ts e i a n n s t d c s d i h r i o s c c r u t o l a u c t n a io l t l s n in Lon- 3 3 1 1 3 8 4 2 6 , , , , , 4 6 4 3 2 6 6 9 3 1 6 7 9 9 9 4 3 1 1 2 0 6 8 9 , , , , , 6 4 1 4 5 2 2 6 2 0 6 3 0 3 3 3 3 1 1 7 3 6 2 3 , , , , , 8 9 4 7 4 5 1 1 1 2 1 5 3 9 3 4 4 1 1 2 1 7 9 2 , , , , , 8 3 7 3 3 8 4 4 5 8 5 5 9 3 0 zig D L N B F o g o a e o r u l a p t e a e n l o i n d s g s c c e i n i a e t n r s s n c ) b d : u w i l l d l a i s t i t , h i s o e c n B o tc u a n n t k s of England J I j i ! j 2 3 1 1 6 0 3 1 3 , , , , , 4 3 8 2 9 8 3 8 8 6 1 3 3 1 9 3 2 1 1 7 3 6 2 2 , , , , , 4 4 3 7 6 3 2 9 9 6 3 7 8 7 0 2 3 1 1 2 8 5 1 , , , , 1 9 7 5 2 1 5 2 1 1 6 6 3 2 1 1 2 2 6 3 8 , , , , , 3 3 2 6 7 4 6 0 7 4 4 4 0 4 5 Bank of Estonia (thousands of ! Austrian National Bank (millions of krones): i schillings): Gold ; 6,437 6,408 6373 6,267 Gold 169 169 169 169 Net foreign exchange j 19,478 20, 782 18932 22, 523 Foreign exchange of the reserve.. 204 238 225 199 Loans and discounts | 27,819 27, 573 28329 31,868 Other foreign exchange 312 334 328 366 Note circulation 32, 260 34,042 35159 35,133 Domestic bills 238 306 301 165 Deposits— Government debt _. 109 109 109 116 Government -- 8,127 8,117 17,311 Note circulation 981 1,094 1,072 965 Bankers 6,187 5,718 5145 1,619 Deposits 53 64 61 53 Other 2,102 2,341 1863 3,376 1 Ratio of gold and notes in banking department to deposit liabilities. 2 Notes issued, less amounts held in oanking department and in currency note account. 3 Figures not yet available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN MARCH, 1930 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 u Ja a n ry - ce D m e b - er ve N m o b - er January u Ja a n ry - ce D m e b - er ve N m o b - er u Ja a n ry - Bank of Finland (millions of Fin- Bank of Poland (millions of zlotys): nish marks): Gold at home 521 521 521 426 Gold 301 302 303 304 Gold abroad 180 180 162 195 Balances abroad and foreign Foreign exchange of the reserve. _ 372 419 422 527 credits 705 670 595 719 Other foreign exchange 101 108 94 158 Foreign bills 15 21 28 17 Loans and discounts.. _. 756 781 795 723 Domestic bills 1,147 1,213 1,225 1,245 Note circulation 1,247 1,340 1,366 1,222 Note circulation __ 1,259 1,361 1,347 1,431 Current account of the treasury. _ 300 271 270 363 Demand liabilities 237 236 405 Other current accounts 154 196 144 191 Bank of Greece (millions of drach- Bank of Portugal (millions of escumas) : dos): Gold 644 640 636 558 Gold 9 Net foreign exchange in reserve.. 2,474 2,665 3,606 Balances abroad 313 332 350 304 Total foreign exchange 3,830 4,135 4,551 4,736 Bills 361 354 312 254 Loans and discounts 377 325 270 116 Note circulation 1,972 2,001 1,932 1,944 Government obligations 3,596 3,596 3,596 3,790 Deposits 108 55 59 N O o th te e r c s ir ig cu h l t a l t i i a o b n ilities 4 2 , , 9 0 0 8 7 1 5 1 , , 1 52 9 9 3 5 1 , ,6 1 6 7 0 3 2 5 , , 2 51 3 4 9 Na o t f i o le n i a ) l : Bank of Rumania (millions National Bank of Hungary (mil- Gold at home 5,280 5,266 5,243 i 5, 077 lions of pengos): Gold abroad 3,919 3,919 3,919 4 3,177 A N L G F O o o d o o th r a v l t e d e e n a i r s g n c n a c i a r e s n c b s s d u i e l t l t d l o a s s i t , . s i t . o r e c . e n o t a c u s . n u . t r s y _ 2 4 1 8 9 7 9 1 6 8 7 6 3 8 3 3 1 5 3 2 0 6 9 9 1 3 3 4 1 2 7 4 8 6 6 2 3 1 9 5 3 3 2 4 1 5 4 0 8 9 0 8 6 5 5 7 2 N L S F O D t o o o e t a h r a p t t e e e n e o i r s g s c d i n f i a t o e r s n c r e b e d u x t i l c g . d a h . n t i . a i s o e c n n x o g c u e h n o a ts f n g th e e reserve.. 1 9 5 5 9 9 , , , , , 5 4 0 0 7 3 6 2 6 9 6 9 9 3 9 7 7 21 6 9 5 9 , , , , , 6 7 3 1 7 4 3 1 8 5 4 4 1 8 0 9 5 2 1 1 6 9 6 0 , , , , , 8 0 7 1 3 4 0 2 6 4 8 6 5 5 2 8 7 1 2 1 1 ( ( 0 0 1 2 ) ) , , , , 4 1 4 6 7 3 0 7 3 5 0 9 Deposits 63 98 116 213 State Bank of Russia (thousands of Miscellaneous liabilities. 94 60 63 85 chervontsi): Loans and discounts 473, 734456, 745 358, 067 Bank G o o l f d Java (millions of florins): 140 140 140 169 I D s e su p e o s d it e s partment- 268, 790253, 290 209,423 Foreign bills 31 23 30 39 Gold 28, 570 27, 643 17, 886 Loans and discounts 95 112 124 91 Other precious metals 3,461 3,690 4,319 Note circulation 279 289 297 300 Foreign exchange 7,077 8,692 8,259 Depositsf 37 38 61 59 Note circulation 153, 697 57, 540 106, 505 Bank of Latvia (millions of lats): South African Reserve Bank (thou- Gold 24 sands of pounds sterling) : Foreign exchange reserve 67 Gold 7, 495 7,879 7,840 85 Foreign bills 6,567 5,288 7,078 Loans.. ~_ 48 Domestic bills.__ 3,167 3,099 1,345 Note circulation 43 Note circulation 9,173 9,270 8,125 Government deposits 104 Deposits- Other deposits 67 Government 1,839 1,714 1,915 Bankers __ 4,755 4, 695 5,079 Bank of Lithuania (millions of litas): Others 626 382 530 Gold Bank of Spain (millions of pesetas): Foreign currency Gold 2,567 2,566 2,565 2,559 Loans and discounts Silver 711 705 711 707 Note circulation Balances abroad 86 103 90 98 Deposits Loans and discounts 2, 062 2,209 2,181 1,825 Note circulation 4,399 4,433 4,390 4,312 Netherlands Bank (millions of Deposits 1,017 924 933 965 florins): Gold _. 440 448 448 435 Bank of Sweden (millions of kronor): Foreign bills 217 220 216 203 Gold 244 245 240 236 Loans and discounts 141 182 148 160 Foreign bills, etc. 237 266 256 199 Note circulation _. 787 851 821 782 Loans and discounts 296 411 323 331 Deposits 34 33 29 44 Note circulation 521 569 573 486 Deposits 183 272 153 201 Bank of Norway (millions of kroner): N T G F D F o o o o o o r r t l t m e e d a e i i l e g g c s d n n i t e r ic c b p d u a o e c l l s p a r a i o e n t t s i d s c o i e i t n t s s s . . . a . . n . d b _ il .' ls _ . 2 1 3 7 3 4 0 3 7 1 2 3 1 4 1 4 5 0 8 7 9 2 2 3 1 1 4 0 4 5 0 2 3 7 2 1 2 2 2 1 6 9 4 3 7 8 9 7 2 8 3 Sw fr i a s F L N D G n s o o c o o e r a s l m t N e d e ) n : i a a s g c n t n a i i d r o n c b n d d u a a e l l d l a a p i n t o s i B c c o s e i o a n s t n u s . a n k n t s d ( m bi i l l l l s ions of 3 5 8 1 1 7 6 9 3 8 8 0 0 5 8 3 9 5 2 2 5 9 9 2 0 3 9 5 4 0 5 2 9 1 1 4 8 2 7 0 6 8 8 4 2 4 8 2 1 8 4 1 8 6 2 0 8 5 7 Reserve Bank of Peru (thousands of National Bank of the Kingdom of libra): Yugoslavia (millions of dinars): Gold.. 3,836 3,836 4,111 Gold 96 95 95 91 Gold against demand deposits.. 580 580 305 Foreign notes and credits 276 268 289 199 Foreign exchange reserve 677 668 1,185 Loans and discounts 1,434 1,518 1,507 1,634 Bills.. 3,177 3,090 1,351 Advances to State 2,999 2,999 3,000 2,966 Note circulation 6,523 6,422 5,953 Note circulation 5, 586 5,818 5,690 5,194 Deposits _. 1,160 1,160 610 Deposits 1,372 1,411 1,308 761 • Converted Into the terms of the leu adopted Feb. 7,1929. 5 Foreign exchange not reported separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 121 CONDITION OF COMMERCIAL BANKS [Figures are for the last report date of month except for London clearing banks, which are daily averages] 1930 1929 1929 1928 Janu- Decem-Novem- Janu- Decem- Novem- Octo- Decemary ber ber ary ber ber ber ber Nine London clearing banks (mil- Joint-stock banks of Denmark (millions of pounds sterling): lions of kroner): Money at call and short notice.. . 142 ' 144 145 147 Loans and discounts 1,789 1,777 1,781 1,716 Advances and discounts 1,213 ' 1,198 1,201 1,231 Due from foreign banks 142 138 146 130 Investments 233 236 235 250 Due to foreign banks 71 58 60 86 Deposits _ _. 1,767 1,773 1,751 1,809 Deposits and current accounts. _. 1,961 1,964 1,974 1,915 Six Berlin banks (millions of reichs- Joint-stock banks of Finland (milmarks): lions of Finnish marks): Bills and treasury notes _. 2,885 Loans and discounts._ 9,566 9,667 9,801 9,525 Due from other banks 1,230 Due from abroad 234 200 224 256 Miscellaneous loans __ 8,267 Due to abroad 482 509 526 529 Deposits 11 645 Deposits 7,481 7,311 7,487 7,380 \cceptances 487 Four commercial banks of France Tokyo banks (millions of yen): (millions of francs): Cash on hand ._ ... . 276 319 344 260 Bills and national-defense bonds. 20, 903 20,511 21, 220 Total loans 2,148 2,160 2,059 2,079 Loans and advances 10, 746 10,825 9,331 Total deposits 2,072 2,089 2,096 2,102 Demand deposits 32,929 33, 313 34, 279 Total clearings 1,545 1,996 1,733 2,400 Time deposits 1,056 1,051 896 Four private banks of Italy (millions 1929 1928 of lire): Cash 1,145 1,241 8 260 9 053 De b c e e r m-No b v e e r m- O b c e t r o- De b c e e r m- D D D e u u p e e o f t s o r i o t m s co r c r o es rr p e o s n p d o e n n d t e s nts 1 5 3 3, , , 1 7 6 1 1 8 5 4 9 1 5 3 3, , , 1 0 6 7 1 5 4 0 9 Joint-stock banks of Norway (mil- Banks of Buenos Aires, Argentina lions of kroner) : (millions of gold pesos): Loans and discounts 1,252 1,252 1,318 Gold- Due from foreign banks 126 142 115 Bank of the Nation 30 30 41 140 Due to foreign banks 84 85 92 OtheOr thcears bha-nks 11 12 13 12 R D e e d p i o s s c i o ts unts 1,53 9 7 6 1,5 1 4 0 5 1 1,6 1 0 0 1 3 Bank of the Nation 85 120 128 123 Other banks 156 155 154 212 Joint-stock banks of Poland (mil- Loans and discounts- lions of zlotys): Bank of the Nation 620 601 588 517 Loans and discounts. 844 761 Other banks 893 889 888 824 Due from foreign banks. _ 40 36 Deposits- Due to foreign banks p 170 P 170 161 162 Bank of the Nation _ 733 '739 743 769 Rediscounts P 148 p 150 153 161 Other banks 995 '990 1,002 1,000 DeDosits 548 484 Chartered banks of Canada (mil- Joint-stock banks of Sweden (millions of dollars): lions of kronor): Gold coin and bullion *__ 61 61 62 68 Loans and discounts 4 169 4 257 4 258 4 060 Current loans and discounts 1,653 1,684 1,715 1,493 Foreign bills and credits abroad.. 294 '297 350 291 Money at call and short notice... 507 532 521 558 Due to foreign banks 111 115 146 121 Public and railway securities 448 475 487 525 Rediscounts 251 167 176 276 Note circulation 175 187 185 186 Deposits 3,481 3,521 3,561 3,431 Individual deposits 2,605 2,636 2,679 2,618 Gold reserve against Dominion notes 60 60 60 90 Dominion note circulation_ 204 234 212 222 1 Not including gold held abroad. Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN MARCH, 1930 DISCOUNT RATES OF CENTRAL BANKS [Rate prevailing March 1, 1930, with date of latest change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria.. Feb. 11,1930 England-. 4H Feb. 6,1930 Japan 5.48 Oct. 10,1927 Portugal 8 July 27,1926 Belgium 3^ Jan. 1,1930 Estonia... 8 Oct. 3,1929 Java. 5 Feb. 10,1930 Rumania 9 Nov. 26,1929 Bulgaria 10 July 2,1929 Finland.. _ 7 Nov. 16,1928 Latvia 6-7 Apr. 1,1928 Russia 8 Mar. 22,1927 Chile.... 6 Oct. 22,1928 France 3 Jan. 30", 1930 Lithuania... 7 Feb. 1,1925 South Africa 6 Aug. 17,1929 Colombia 9 Nov. 20,1929 Germany _ 6 Feb. 5,1930 Netherlands 4 Jan. 16,1930 Spain 5H Dec. 19,1928 Czechoslovakia- 5 Mar. 8,1927 Greece 9m Nov. 30,1928 Norway 5 Dec. 28,1929 Sweden ... 4H Jan. 1,1930 Danzig., 6 Nov. 23,1929 Hungary.. Feb. 13,1930 Peru- 7 Nov. 23,1929 Switzerland. 3^ Oct. 22,1925 Denmark 5 Dec. 27,1929 India 7 Oct. 31,1929 Poland 8 Jan. 31,1930 Yugoslavia- 6 June 23,1922 Ecuador 9 Jan. 10", 1930 Italy 7 Mar. 14,1929 Changes.—German Reichsbank, from 6H to 6 per cent on Feb. 5, 1930; Bank of England, from 5 to 4^ per cent on Feb. 6, 1930; Bank of Java, from o^i to 5 per cent on Feb. 10, 1930; Austrian National Bank, from 7 to 6H per cent on Feb. 11, 1930; National Bank of Hungary, from 7 to 6^ per cent on Feb. 13, 1930. c Corrected. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month B a m a a n c o n c c n e k e s t p e h , t r 3 - s s' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o t n o e -d y ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or d P is r r c i a v o t a e u t n e t 1928—September 4.23 4.19 3.55 2H 6.65 8.58 6.65 4.39 4.35 3.38 October 4.35 4.37 3.80 2H 6.57 8.26 6.70 4.40 4.42 3.38 November 4.38 4.30 3.64 2tt 6.28 8.15 6.70 4.44 4.74 3.35 December 4.37 4.37 3.22 6.28 8.77 7.30 4.46 4.68 3.32 2tt 1929—January 4.32 4.29 3.41 2H 5.80 7.51 5.13 4.20 4.46 3.28 February _ 5.05 4.96 4.33 2^-3^ 5.80 7.07 6.33 4.39 4.78 3.31 March 5.33 5.30 4.51 ZH 6.31 7.30 6.97 4.64 5.05 3.39 J J A M u u p a n l r y y e i . l 5 5 5 5 . . . . 3 2 2 3 8 1 1 2 5 5 5 5 . . . . 3 2 1 3 9 1 8 5 4 4 4 4 . . . . 6 5 2 4 7 4 3 3 w3 m m H 6 7 7 7 . . . . 4 6 3 5 9 3 9 0 9 9 7 9 . . . . 6 5 8 3 5 7 9 5 6 9 8 7 . . . . 3 8 2 9 2 5 1 0 5 5 5 5 . . . . 3 3 2 3 7 6 0 0 4 5 5 5 . . . . 8 8 9 3 1 8 0 0 3 3 3 3 . . . . 3 4 1 2 4 5 9 6 August 5.47 5.48 4.35 7.18 9.43 7.42 5.06 4.68 3.33 September 5.59 5.63 4.39 7.18 9.48 7.86 5.36 5.32 3.38 October— 6.13 6.19 5.45 4^-4 7.28 9.06 8.06 5.15 4.52 3.38 November 5.35 5.30 5.15 4 -3H 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 3^-3 6.98 8.78 8.14 3.52 3.87 3.15 1930—January 4.07 4.04 3.62 3 6.33 7.71 6.03 *2.96 P2.88 2.97 Belgium France Italy Sweden Austria (Vienna) Hungary (Stock- Japan (Tokyo) (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t M m fo o o r n n e t 1 h y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Disc b o il u l n s ted ov m e C o r a n n l i e l g y ht 1928—September 3.96 3.26 5.25 6^6 -6*4 7VS-8H 7*4 -&H 5^-79i 4H-6H 6.02-«.39 2.37-4.02 October 3.94 3.37 5.25 6H 7^-8^ 7U -9 6^-89* 4^-6^ 6.21-6.39 2.92-4.02 November 3.94 3.37 5.45 6V4 7V4-8H 794 -9 6H 8H 4fc-6V* 6.02-6. 21 2.01-4.02 December 3.94 3.41 5.50 6H -«9* 7K-SK 7li -8H 6^-8H 5.84-6.21 1.83-6.57 1929—January 3.94 3.50 5.83 6M« -69$ 7H-&H 7H-&H 6H-8H 5.84-6. 21 1.46-5.84 February 3.94 3.39 6.00 6^6 -6^5 7M-8H 7H -8H 6H-8J4 4^-6^ 5.66-5.84 2.01-4.02 March 3.94 3.37 6.31 7M-8H 7H-8H 6^-8H 4^-6^ 5.66-5.84 2.19-4.02 A M p a r y il. 3 3 . . 9 9 4 4 3 3 . . 4 4 4 9 6 6 . . 7 8 5 3 6 7V ^« & -7 - H 7)4 7 8 H - - S 9 H m -9 7 7 - - 9 9 4 4 H ^- - 6 6 ^ H 5 5 . . 4 4 8 8 - - 5 5 . . 6 6 6 6 3 2 . . 4 5 7 6 - - 4 4 . . 0 0 2 2 June 3.94 3.50 6.75 7M« -7H 8*4-9 8H -9*4 7 -9 4H-6M 5.48-5.66 2.56-4.02 July 4.00 3.50 6.75 7H -7H 8*4-9 894-10 7 -%M 4^-6^ 5.48-5.66 2.74-4.02 August 4.93 3.50 6.85 7H -7^6 8*4-9 894-1OH 7 -8 4^-6^ 5.48 2.56-4.02 September 4.94 3.50 7.01 7H 8*4-9*4 894-1OH 694-8 5H-7 5.48 ••1.64-4.02 October 4.94 3.50 7.18 8 -m 9 -10 9 -10M 7*4-8 5H-7 5.48 2.92-4.02 N D o ec v e e m m b b e e r r 4 4 . . f 3 i 7 2 3 3. . 5 5 0 0 7 7 . . 0 0 0 0 794 -8V4 8 8 * 9 3 4 - - 9 1 * 0 4 8^ -m 6 7 ^ - - 7 7 9 H 4 6 5 V ^ 4 -7 -7 5 5 . . 4 4 8 8 2 2 . . 7 1 4 9- - 5 4 . . 8 0 4 2 1930—January 3.40 3.38 7.00 7tf -7% 7H-SH m -9% 6J/2 -7K » Preliminary. * Revised. NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July. 1929, and November, 1929. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

123 MARCH, 1930 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations.1 In cents per unit of foreign currency] 1930 1930 Par Par Country Monetary unit of ex- Country Monetary unit of exchange January February change January February NORTH AMERICA Canada Dollar.. 98. 8932 99. 2408 Austria Schilling 14.07 14. 0597 14. 0605 Cuba Peso._. 99. 9247 100. 0313 Belgium Belga 13.90 13. 9377 13. 9271 Mexico . —_do_. 49! 85 47.4393 47. 4758 Bulgaria Lev ! .72 . 7213 .7212 C D z e e n c m ho a s rk lovakia C K r r o o w ne n i I 2 2 6 . . 9 8 6 0 26 2 . . 9 7 5 5 8 1 3 7 26 2 . . 9 7 5 5 9 3 0 2 A Bo rg S li e O v n U i t T a in ' H a AMERICA B Pe o s l o iviano . 3 9 6 6 . . 4 5 8 0 3 9 6 1 . . 3 0 3 0 5 0 5 0 8 3 6 6 . . 0 5 0 3 0 1 0 1 E G G F H Fr i n r e u n a e g r n n e l m l g a c c a e n e a a n r d n d y . y . . . . . _ _ P P M R D F e r o e r a n a a i u r c g n c k n h o h c k d s . m a m .. a . . . ark. 48 2 1 6 2 3 1 3 7 . . . . . . 9 5 3 8 4 6 2 2 0 2 9 5 48 2 1 6 3 2 3 1 7 . . . . . . 4 8 9 2 9 8 5 8 2 9 1 8 1 2 9 7 6 2 2 3 1 6 0 1 48 2 1 2 3 6 7 3 1 . . . . . . 1 8 9 4 5 2 7 7 1 1 7 9 8 1 5 6 6 6 5 1 5 2 9 2 B V C C E U Pe r c h o e r a r u u n i l u z l o g e a e i m z l u d 2 u a o b e y r i l 2 a a 2 2 i ! j ! L B S P M P u i e e o b i s c s l l r o i o r r v d a e o a is r 4 1 8 0 9 2 1 1 1 6 3 9 7 0 1 2 . . . . . . . 3 9 0 1 4 6 3 3 6 0 7 2 5 0 40 2 9 9 1 1 1 0 0 2 6 1 2 9 . . . . . . . 9 0 0 0 0 3 2 7 0 0 5 8 9 5 9 0 0 5 5 0 0 6 0 0 6 7 0 0 40 9 8 2 1 1 1 0 8 6 0 9 2 1 . . . . . . . 1 0 9 0 0 3 2 5 6 0 0 3 9 5 3 7 1 0 0 0 0 3 9 9 0 0 0 0 Italy Lira 5.26 5. 2331 5. 2346 ASIA i Netherlands Florin 40.20 40. 2279 40.1028 China4 | Mexican dollar 34.18 35. 6106 34. 3963 Norway Krone 26. 80 26. 7347 26. 7212 China i ' Shanghai tael 47.13 49. 6186 47. 9616 Poland Zloty 11.22 11.1973 11. 1935 China 4 j Yuan dollar ' 33.43 35. 5497 34. 2746 Portugal Escudo 108. 05 4. 4969 4. 4957 Hong Kong* | Dollar 33.93 39. 9497 38. 2350 India ! Rupee 36.50 36. 3102 36. 2071 Rumania Leu. .60 . 5962 . 5950 Japan j Yen 49. 85 49. 0905 49.1295 Russia 2 Chervonetz. 514. 60 1515. 0000 515. 0000 Java 2 Florin 40.20 40.1769 40. 0791 Spain Peseta 19.30 13.1044 12. 6955 Straits Settlements._J Singapore dollar... 56.78 56. 0259 56. 0006 Sweden Krona 26. 80 26. 8460 26. 8262 Turkey | Turkish pound.... 439. 65 5 46.8929 6 46. 7776 Switzerland Franc. 19.30 19. 3486 19. 2938 Yugoslavia Dinar 19. 30 1. 7658 1. 7604 Egypt AFRICA I ; Egyptian pound.. 494.31 is 500. 2389J 500. 6147 1 Based on noon buying rates for cable transfers in New York. 2 Averages based on daily Quotations of closing rates as published by New York Journal of Commerce. 3 Chervonetz quotations nominal. i Silver currency. The figure given for parity represents gold value of unit in February, 1930, computed by multiplying silver content of unit by New York average price of silver for February, 1930, wThich was $0.43505 per fine ounce. On the same basis, parity in February, 1929, for the Chinese-Mexican dollar was 44.41 cents; for the Shanghai tael, 61.22 cents; for the Yuan dollar, 43.43 cents; and for the Hong Kong dollar, 44.08 cents. 6 November, 1929. 6 December, 1929. Back figures.—Sea BULLETIN for January, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN MARCH, 1930' PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES Base of index and country 1929 1930 ,! (See note) Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Base: 1926=100 United States 97 97 98 97 96 96 98 98 98 96 94 94 Base: 1927=100 Poland 98 99 99 98 95 95 96 95 94 93 95 92 Base: 1926=100 Canada . 95 96 96 94 92 93 96 98 97 97 96 96 96 Finland. _. 100 100 100 99 98 98 97 97 96 96 95 95 94 Base: 1914=100 Australia 157 156 157 158 156 158 159 160 163 161 158 154 151 Austria __ 128 130 133 134 135 134 132 132 128 127 125 123 125 Belgium 867 865 869 862 851 848 858 850 846 838 834 823 808 Czechoslovakia _. __ 139 139 141 141 137 134 135 134 132 131 130 128 126 India 145 144 143 140 139 138 142 143 143 140 137 134 131 Switzerland 143 143 142 140 139 139 143 143 142 142 140 139 136- Base: 1913=100 China 160 162 164 161 162 163 163 165 167 168 165 165 170 Denmark 151 159 154 150 148 146 149 150 150 149 147 146 143 Dutch East Indies 149 149 150 148 150 149 149 148 148 147 146 146 Egypt 125 122 123 120 114 108 109 112 113 115 112 110 109 England 138 138 140 139 136 136 137 136 136 136 134 133 131 France 657 660 654 648 643 629 624 598 608 607 603 596 578- Germany ._ 139 139 140 137 136 135 138 138 138 137 136 134 132 Hungary. ._ _ 132 136 136 135 123 122 119 114 109 111 107 107 Italy 461 463 461 455 452 447 440 437 437 436 431 425 4ir Netherlands 140 146 147 144 142 141 141 142 141 140 137 135 Norway 149 150 150 148 146 147 149 148 148 147 146 146 144 Peru 186 C185 189 185 186 186 187 187 186 186 184 182 181 Russia _ _- - _ - 177 177 178 179 180 181 180 180 181 182 181 182 Spain 171 « 173 174 174 171 170 169 170 171 172 171 172 Sweden 144 145 144 141 140 139 140 141 140 138 135 134 Base: 1910=100 South Africa 135 131 129 128 Base: 1909-1913=100 New Zealand— 155 154 155 154 155 155 156 156 157 156 155 Base: 1900=100 Japan 228 226 226 225 223 222 220 218 218 216 211 205 201 " Corrected. NOTE oslovakia—July, 1914; Egypt—-January 1, 1913-July 31, 1914; India—July, 1914; Japan—October, 1900; The foregoing table contains for the countries listed Norway—December 31, 1913-June 30, 1914; Switzerthe same index numbers that have heretofore appeared land—July, 1914. in the BULLETIN, but with more precise information Compilers of these indexes.—All of the indexes regarding base periods. In the case of three countries, shown, with two or three exceptions, are compiled by however—Japan, New Zealand, and South Africa— official agencies of the countries to which they relate, for which the index has heretofore been shown as con- as indicated specifically by the following list: verted or recomputed from its original base to a 1913 United States—Bureau of Labor Statistics, Departbase, the index is here shown on its original base; the ment of Labor; Australia—Commonwealth Bureau of series on 1913 base can be continued by dividing the Census and Statistics; Austria—Federal Statistical index numbers that are now published by the following Bureau; Belgium—Ministry of Industry, Labor, and yearly averages for 1913: Japan, 132.3; New Zealand, Social Insurance; Canada—Dominion Bureau of Sta- 105.5; and South Africa, 112.5. In the case of one tistics; China—National Tariff Commission, Ministry other country—Czechoslovakia—the index appears in of Finance; Czechoslovakia—Statistical Office of the revised form (gold basis). Republic of Czechoslovakia; Denmark—Department For all of these index numbers, with a few exceptions, of Statistics; Dutch East Indies—Department of Agriconvenient sources of current figures are the Monthly culture, Industry, and Commerce; Egypt—Depart- Bulletin of the League of Nations (Geneva) and the ment of Statistics, Ministry of Finance of Cairo; Monthly Bulletin of the International Institute of England—Board of Trade; Finland—Central Statisti- Statistics (The Hague). For France and Poland, cal Office; France—General Statistical Bureau; Gerhowever, for which the figures published by the League many—Federal Statistical Bureau; Hungary—Royal and the Institute belong to a different index, the Hungarian Central Statistical Office; India—Departfollowing sources may be used: France—Bulletin de ment of Statistics, Calcutta; Italy—Professor Riccardo la Statistique Generale; Poland—Polish Business Bachi; Japan—Bank of Japan; Netherlands—Central Conditions, published by the Polish Institute of Eco- Bureau of Statistics; New Zealand—Government Bunomic Research. reau of Census and Statistics; Norway—(3konomisk Base Periods.—The base periods shown in the table Revue; Peru—General Bureau of Statistics, Ministry relate to calendar years, the average for the year (or of the Treasury; Poland—Central Statistical Office; period of years) representing 100. In certain cases Russia—Central Statistical Office; South Africa—Office however, the base period more exactly described is a of Census and Statistics; Spain—Bureau of Special selected month or selected series of months, as follows: Statistics, General Statistical Service; Sweden—Depart- Australia—July, 1914; Austria—January-July, 1914; ment of Commerce; Switzerland—Federal Department Belgium—April, 1914; China—February, 1913; Czech- of Agriculture and Industry. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 125 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES 1929 1930 Country and group Jan. Feb. Mar. Apr. May June i July Aug. Sept, Oct. Nov. ! Dec. Jan. UNITED STATES (1926=100) \11 commodities 97 97 9S 97 96 96 98 98 98 96 94 ; 94 93 Farm products 106 105 107 105 102 103 108 107 107 104 101 i 102 101 Foods 99 08 98 98 98 99 103 103 103 101 99 ! 99 Hides and leather products 114 109 108 108 107 108 109 110 111 111 108 ! 107 105 Textile products 96 96 98 96 94 93 93 93 93 93 92 ! 90 89 Fuel and lighting materials 83 81 81 81 81 83 ! 82 81 81 82 82 ; 81 80 Metals and metal products 104 104 108 106 105 105 ; 105 104 104 104 102 102 101 Building material-! 97 98 99 98 97 96 i 97 97 98 98 96 96 96 Chemicals and drugs 96 96 96 95 94 93 ' 93 94 94 94 94 94 93 Housefurnishing goods 97 97 97 97 97 97 97 97 97 97 97 97 97 Miscellaneous 81 80 80 79 80 80 81 81 82 81 80 SO 79 ENGLAND (191C; = IOO) -VII commodities 138 138 140 139 136 136 137 136 136 136 134 133 131 Total food 148 149 150 148 144 143 149 144 143 145 142 141 139 Cereals 140 142 140 137 133 132 ; 143 146 141 137 132 132 129 Meat and fish._ 144 144 145 146 146 144 144 145 143 148 150 158 154 Other foods 159 165 ISO 152 155 158 144 145 150 145 135 135 Industrial products . __ 133 133 135 134 132 131 131 131 132 131 129 128 127 Iron and steel 113 113 113 114 115 115 i 115 115 115 115 115 115 115 Other minerals and metals 116 118 126 125 119 119 I 119 119 121 121 120 120 110 Cotton __ 162 159 162 159 155 154 153 154 154 152 147 144 141 Other textiles 161 159 158 156 154 151 150 149 147 144 144 140 123 Miscellaneous ... 139 137 136 135 134 134 136 134 138 137 134 131 130 FRANCE (1913 = 100) A.11 commodities 657 660 654 648 643 629 624 598 608 607 603 596 578 Farm and food products 610 620 609 605 607 584 578 524 551 556 555 546 518 Animal products 632 642 603 610 595 614 1 603 590 639 670 686 i 695 661 Vegetable products 596 607 612 602 614 565 I 563 484 499 487 476 456 432 Wl industrial products 698 693 692 688 675 668 ! 664 664 656 652 645 640 630 Minerals and metal* 541 551 568 558 560 560 i 561 562 561 567 566 568 571 Textiles 820 812 802 793 771 758 ! 748 745 725 705 694 : 684 657 Hides and leather 568 530 498 499 453 450 ! 445 442 452 455 432 433 438 Chemical products 592 590 596 596 598 586 i 579 593 603 608 606 . 603 602 Rubber 123 141 140 132 129 126 ! 133 129 117 114 96 97 89 Paper 677 677 677 677 677 677 ! 677 677 677 677 685 : 685 685 Lumber 930 930 930 930 968 969 969 969 969 1,003 1,003 ; 987 987 Cement and brick, etc 592 592 592 606 606 606 636 636 636 636 636 ; 636 677 GERMANY (1913 = 100) A. 11 commodities 139 139 140 137 136 135 138 138 138 137 136 i 134 132 Total agricultural products 132 134 134 128 126 125 132 133 133 132 128 ! 126 122 Vegetable foods 130 132 133 130 125 120 131 130 125 122 119 i 120 117 Cattle 118 120 123 122 120 127 134 134 134 134 128 i 126 128 \nimal products 147 151 142 127 130 130 ! 136 140 149 153 153 " 148 134 Fodder 138 140 142 140 133 122 127 123 120 113 107 105 98 Provisions 124 125 128 127 125 124 128 130 131 126 120 i 115 115 Total industrial raw materials and semifinished products. 134 134 134 133 131 132 131 132 132 131 130 129 128 Coal 138 139 138 136 136 136 137 137 137 138 139 '• 138 138 Iron 128 128 128 128 128 130 i 131 131 131 131 130 130 130 "NYmferrous mp.tal^ 113 118 132 127 118 118 I 118 118 118 116 113 112 112 Textiles 153 149 150 148 144 141 139 137 136 133 130 128 125 Hides and leather. 139 131 130 129 120 123 i 124 122 122 121 118 116 116 Chemicals 127 126 127 126 12(3 127 • 126 127 127 127 127 127 127 Artificial fertilizers . . 87 87 88 88 87 87 81 82 82 82 83 84 85 Technical oils and fats 127 126 126 126 126 125 127 129 134 132 129 : 130 128 Rubber . 28 34 34 29 30 30 31 29 28 26 23 22 21 Paper materials and paper 151 151 151 150 151 151 152 152 151 151 152 151 151 Building material 157 157 157 157 157 158 159 161 162 162 161 : 161 158 Total industrial finished products.. 159 158 158 158 158 158 157 158 157 157 157 156 15" Producers' goods- ._ 138 138 137 138 138 138 139 140 140 140 139 140 140 Consumers' goods 175 174 174 173 172 172 171 171 170 170 169 169 16S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN MARCH, 1930 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION |Unem- Coal j uu . u i S n c i a n a g t n e g s o d e t s t - l s i s s F t h e i e n e d - l s v c u R o i p s t a p i t b w o ly l n e m t u s I a u t r f e n a a r o e e c n d n l s - - Coal m t u C u t f o a a r o n e c n t s - - -w W ti o s a o s r n o u s d t l e e e s d n R c to o a n t w - \ ! ;w Ra oo w l r C ub ru b d e e r h ™ R i a d V w es c cc _ S a ll _ ee r h aa w g i rr L o p ee s t dd h . r _ B F e t r c r re i a e t ii i i g p n s h h t s t ; - r j F a t i tr r l re w a ai f ig a f n i y h c s t- ; | a i m p m n l s o e o u n y n r t - e g d Thousand long tons Thous. T lo h n o g u s t a o n n d s s M q li . o y i n l d - . T sq h . o y u d s . . M po i u ll n io d n s Th p o o u u s n a d n s d T 1D t h o 0 o n U r s S n - T £ h s li o t n u e g s r - - M m to il i n l l i e o - s n c P e e n r t 1928 August 16,199 I 519 '648 j 540 818 370 i 4,274 344 19,395 84 17.500 5,967 8,407 1,451 I 11.7 September.. 23,275 i 504 719 572 737 295 3,995 301 12,773 52 23,079 5,474 r 8,498 1,483 ! 11.5 October 18,519 I 544 756 632 809 377 4,630 337 12,712 109 16.501 5,546 5,702 9,361 : 1,584 11.8 November.. 19,213 ! 544 763 628 ,070 399 4,231 335 I 12,492 216 12,146 6,074 '5,488 9,033 1,524 12.2 December.. 23,310 i 540 546 .,255 359 ! 4,184 293 | 12,406 225 34,921 6,860 '5,168 8,339 1,440 11.2 1929 January 19,778 i 564 765 ,277 421 4,473 383 | 18,563 241 103 42,005 5,808 5,407 9,132 1,592 12.3 February. _ 21,326 I 520 lib ,326 380 3,890 329 14,587 128 100 20,374 3,622 4,617 8,239 1,478 12.2 March 26,992 I 591 860 ,268 350 4,763 337 12,061 144 85 30, 237 4,947 5,510 9,279 1,662 10.1 April 19,462 I 611 809 ,267 340 4,756 353 9,513 118 119 28,387 6,437 5,514 8,946 1,519 9.9 May 18,401 i 655 844 ,190 443 5,328 325 11, 286 115 99 22, 748 4,071 6,013 8,943 1,552 9.9 June 3 24,786 i 658 831 ,047 307 4,883 227 10, 211 76 70 20,123 4,713 5,750 8,388 1,476 9.8 July 18,875 j 672 805 956 376 5,848 360 17, 543 68 39 22, 501 7,058 6,183 9,054 1,580 9.9 August 3 23,589 ! 682 753 910 358 4,977 325 17,084 66 33 43,192 5,229 6,485 8,821 1,571 10.1 September-. 20,380 665 848 892 300 5,206 240 11,287 64 18 46,122 5,737 5,967 8,875 1,564 '10.0 October 20,613 890 923 390 5.761 269 11,105 131 22 46,379 7,161 6,220 10.4 November.. 3 26,420 *815 9 1,060 383 5,394 287 10,815 191 49 38, 580 9,256 5,857 11.0 December. _ 19,975 1,154 332 4,988 276 11,410 196 78 34, 561 8,556 5,167 11.1 1930 January 21,087 ; 1,213 352 5, A 316 14,089 172 95 35,685 i 6,383 5,788 12.6 i End-of-month figures. 2 Include Irish Free State. • 5 weeks. 9 Preliminary. r Revised. FRANCE PRODUCTION EX- TRANSPORTATION PORTS Regis- Busi- Coal i i P ro ig n I C s r te u e d l e j C y o a t r to n n C c o l t o t t o h n v T o o lu ta m l ev T o o lu ta m l e f s c o R u o t r i m t o a to w n c p o n - n-f s o R u t s r i m i o a lk w n c p o - n-f s o u C t r i m o o a n c p o l - n c S c l w e a h a i r i t g r p h e o s d Fr l i o e c n i a a g g d r h s - t- o R p f a e w p l c a r e r i y a i n p s i c l t - i s - p u t l n e o r e y e m e d d - n u fa e r i e s l s - s Thousand metric tons j I g T k r h a il o m o u - s s. o m P f e i t e 1 e c ,0 e r 0 s s 0 m Th e o tr u ic s a t n o d n s s Metric tons T m t h o e o n tr u s i s c . T t h o o n u s s. A nu d v m a e i r l b a y g e e r T fr h a o n u cs s. 1928 August 5,589 857 793 11,295 26,225 3,792 4,285 21,888 607 1,592 3,994 61,696 1,187, 087 1,010 632 September 5,331 821 759 11, 221 25,243 ' 3,730 ' 4, 07017,184 1,169 1,223 3,951 66,186 < 1,575,128 562 432 October 5,899 857 834 11, 994 29,518 ' 3,340 ' 4,497 30,248 '751 1,557 3,958 66, 534 1, 247, 434 453 649 November 5,562 850 800 11,043 28,063 ' 3,337 ' 4,199 36, 684 933 1,369 3,973 67,861 ' 1,149, 542 503 687 December 5,263 882 828 12,137 26,820 3,262 4,240 45,854 622 1,386 4,050 62,805 '«1,436, 715 895 763 1929 January 5,485 903 841 12,402 31,811 3,006 4,316 44,154 1,516 3,534 59, 984 1, 023, 011 1,604 757 February 5,227 782 743 10,641 28,190 3,273 4,288 39,988 437 1,703 3,236 61,193 1,055,466 3,527 750 March 5,803 880 805 11,457 29, 678 3,108 4,690 29,380 645 2,005 4,034 65,185 1,162,258 1,078 930 April 5,713 871 810 11,193 3,217 5,073 28, 508 321 2,018 4,279 67, 586 « 1,480, 393 706 561 May __ 5,472 897 820 10, 766 28, 651 3,087 4,921 28,675 521 1,889 4,378 63, 358 1,154,193 j 558 791 June _-. 5,626 865 795 10,894 26, 346 3,617 5,322 21,987 450 1,998 ! 4,426 66, 370 1,198, 412 394 746 July 6,077 '878 815 11, 525 26, 366 3,741 5,062 20, 717 361 2,056 i 4,207 63,510 « 1,525, 234 399 812 August 5,894 893 827 11,445 25, 558 3,214 5,121 22,346 420 2,013 4,578 63, 536 1, 260, 026 403 645 September 5,504 851 763 10,851 27,248 5,151 14, 324 556 22,0130 4,275 66, 776 * 1, 637, 854 j 385 420 October 6,220 894 847 3,217 5,037 28,708 602 2,073 4,403 68,196 1,278,657 I 396 734 November 5,850 852 786 3,314 5,173 38, 709 547 2,064 4,191 68,158 1,189,981 I 577 804 December 5,632 874 813 66, 564 • 1, 497, 782 817 764 I 1930 January 1,484 907 * Coal and lignite, including Lorraine and the Saar. 2 End-of-month figures. * 5 weeks. ' Revised. 3 Revised to include women. In earlier issues of the BULLETIN the figures published referred to men only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1930 FEDERAL RESERVE BULLETIN 127 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA—Continued GERMANY PRODUCTION :TRANSPORTA- UNEMPLOY- ; TION MENT Coal L ni i t g e - i P ro ig n j C s r t u e d e e l ' P a o sh t- m ir a o n n u- \ +xS~", ^S:^|^j ta «j ! ; A H a v s l a r e i e s n r s m l - i s o v f - F l r o c e a a i d g r - ht u T u m n b r n e a e e i m o r d m s n e - - - p U p re e S l n i o c r t n s e a e y g o i t m e v e n d - - s B n u fa u e r i e s s l s - s i- ; burg ployed aid 12 Thous.Thous, Thousand metric tons Metric tons net wag- Per Number ons cent 1928 i August....! 13,02114,330 1,031 1,332 123 505,857, 52,393 13,602 1,850,577 7,958 20,64219,3571,516,096 1,926 4,083 6.5 654,689! 552 September., 12,15713,616 985 1,190 113 480,647; 74,006 13,387 1,829,556 5,274! 17,14416,730-1,394,715! 1,749 4,036 6.6 663,945! 530 October...: 13,31115,226 1,016 1,306 128i 415,690 64,163 12,959 2,019,177 8, 789 16,650 33,662 1, 552,182; 1,715 4,375 7.3 763,959! 685 November. 12,14114. ~'" 267 357 130 410,171 54,014 14,337 2,278,554 5,818 14,089|49,662 1,157,8911 1,760 3,957j 9.51,1,137,772j 674 December.! 11,81914] 1,091 118 298,890 63,846 14,353 2,120,291111,682 15,560 44,645 615,630 1,752 3,404 16. 7 1,829,716 624 1929 j January...! 13,49014,817 1,470 1431 419,589 61,386 14,975 1,909,657 17, 786!15,660 54,2821,312,346 1,679 3,376 19.4 2,391,637 February..; 12,10413,689 1,270 117 341,312 63, 239 11,639 1,307,227 20,294j 12,227 31,893 496,159 1,307 3,072 22.3 2,622,253 775 March 13,50214,727 1,061 1,314 121 346,262 58,463 13,585 2,240,475 19,899; 18,490 28,9001,090,958 1,666 3,733 16.9|2, 091,435 930 April 13,40714,226 1,105 1,415 118 619,460!68,159 16,469 2,355,068 24,544! 21,349 32,933 1,558, 607 1,933 3,929 11.11,324,748 885 May _ 12,759!l3, 669 1,133 1,421 108 587,115;67, 59816, 6552, 258,510 19,j 18,42125,3351,933,229 2,030 3,922 9.11,010,781 846 June 13,221113,763 1,164 1,430 115! 522, 037 j62, 946 16,630 2,152,01115,890 22,693 19,589 1,925,538 1,922 3,934 8.5 929,579 803 July 14,362J14,885 1,204 1,466 125! 545,568 j69,177 14,831 2,385,04312,577! 17,367 20,698 1,635,792 1,932 4,218 8.6 863,594 845 August 14,46715,136 1,168 1,402 125 519, 569 •76,203 14,778 2, 541, 646 10,811 16,209 20,268 2,108,464 2,010 4,182 8.9 883,002 739 September . 13, 48014,2201 1,109 1,231 124 470,068!67,493 13,616 2,687,443 5,823^ 14, 646 20,555 1,755,834 1,856 3,980 9.6 910,245 657 October 14,83516,050 1,157 1,377 133 505,883i75,516 13,326 2, 214,582 5,511! 13,610 38,875 1,704,731 1,926 4,454 10.9 1,061,134 840 November. 14,15715,623 1,091 1,287 132 463,082 66,903 13,164 2,106,138 5,484 14,523 58,0451,579,999 1,856 4,131 13.7 1,387,079 813 December. 13,65214,520 1,100 1,156 473,415:63, 094 12, 3812,611, 289 10; 722| 9,437 47,466jl, 491,627 3,431 20.11,9S4,811 881 I 1930 January. _. 14,398 14,008; 1,092 1,275 521,398! 76,162 12,697 2, 556,693 19, 559J 11,823 43,9501,619,111 22. 2[2,482,648 1,106 1 End-of-month figures. 2 Revised to include unemployed persons receiving emergency relief as well as those receiving insurance relief. CANADA Re- Receipts at ceipts stock- I d d t t p n r i i u u r o d o n i o c s a f - - - e n - l x Coa P l RO N p D e r U i w C n s T t - IO F N lour | a s t w C r c t t e i a r o o a o d u c n n r n c t - d - s - - w l P F W a A i h a o a n o o e r t i m f d r r - l a t t - t T p n t W o l * y e r ~ , a i o n r n d n , t i s o i H p i e a n o g n g d s ; j | b P o a la a n n r d d k s s W pu o l o p d Wheat Coal i i p C le e r u t u r m d o e -! i I R c t o o a t n w - c M e h r i a y n - - T r l i n o e c n o v a u a g t d r e e a s - - l I m n em e o d f n - e t x i ] i | | ] B ne u s s s ithur 1 1 9 9 1 2 0 1 4 9 0 = - ! ; ! T sh h o o r u t s t a o n n d s T b h u e o s ls u h s - . Number ! i I M l f i e o i e n l t - Th lb o s. us, T t h o o n u s s . T g h a o l u s. s . T l h b o s u . s. Th d la o o l r u - s s. N b u e m r - 19 1 2 0 6 0 = i i N b u e m r - 1928 August 181.6. 1,552 201 j 1,158: 39,441 3,538 73,233 32, 598| 161137,829 25, 057 1,612 88,164 7,300 4,790 312,816 119.3! 142 September.. 171. 71 1,414 185! 1,892! 45,439 39,132 71,487 24, 873 140 134,440 26,923 1,478 107, 297 4,971 4,552 361,247 119.11 165 October 187.21 1,743 217 2,130: 44, 584 81, 36181, 599 39,178 1531162,286 43, 687 1, 779 100, 023 13,842[ 4,884 420, 263' 118.8! 200 November.. 175.9: 1,722 224 2,175; 29,038 72, 861 60,806 38,484 1581155,448 75, 417 1,637 86, 014 16,955! 4,r- 380,405; 118.9! 193 December.. 165.3J 1,523 1,672; 18,905 51, 63336, 941 47,316 124 158, 875 1,639 79, 939 17, 481; 4 275,678 116.7; 230 1929 January 209. o' 1, 585 212' 1, 698: 41, 963 10,971 39, 45960,978 111 136, 365 20, 831 1,344 60, 753 18, 485 5,004 252, 217J 109.1 252 February... 203. li 1,650 187J 1, 600 28,426 2,918 27, 50742, 226 94 112, 273' 15, 220 1,409 49, 21413, 089 4,675 261,410' 110.5 197 March 200.1: 1," 2181 1, 631: 27,125 i 5,223 32,101 38, 597| 145 142,909121, 207 1,651 76,445 16, 67l| 6,922 282, 315| 111.4 176 April 197. 5 1,394 2221 1, 606' 43,3281 9, 69142, 00347,464; 109115,075! 7,314; 982 71,130 12,201 5,377 283, 745! 110.4 177 May ._ 199. 9j 1,405 246; 1,749! 64, 860| 13, 839 38,956 43, 609 168151,249 27, 073 j 1,369 55, 96911, 219 6,925 306, 728 [ 116.2 181 June 189. 9! 1,361 225 1, 548, 72, 420J 14, 683 30, 96936, 744; 158 144, 976 25, 588! 1,3131124,275 6,402 6,390 310, 885) 122.2, 154 July... 192.2: 1,316 229 1, 603 57,941; 14, 606| 54, 38836, 874; 172 121,3901 17, 019! 1, 428 117, 725 6, 447 5,969 313,292; 124.7 149 August 193.6' 1,361 226 1, 607 58, 622, 2, 373152, 58730, 270 186 166,421| 10,156! 1, 608 123, 627 5,233 5,838 318, 200, 127.8 141 September.. 174. 5: 1,408 228 1,283, 46,959 27, 759!57, 54725,808; 165| 143, 419 7, 410! 1,583 84,759 3, 550 5,597 335, 338! 126.8' 155 October 197. 51 1,560 252 1, 528 57, 084J 28, 918j 73, 07841,514 1931140,482 20, 722! 1, 942 128, 959 11,812 6,454 353,095! 125. 161 November.. 195.8; 1,519 252| 1, 629145, 376| 17, 010 63, 66850, 085 152 165,169 22, 4451 1,649162,979! 18,159 5,214 284, 740! 124.6 164 December.. 161.3 1, 1,703 32, 548 6,178 39, 06054, 558 116 131, 694 15,961 1,451 73,583! 13, 029 5,210 230, 630! 119.1 191 1930 January 187.8 1, 630 206 ' 37,530 2,789 36,361 50,587; 138 150,618 4,994 1,763 81,900'! 10,626; 5,173 241,603 111.2 194 i ! 1 First of month. 2 Total number of firms failing during the month. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN MARCH, 1930 CHANGES IN MEMBERSHIP STATE BANK MEMBERSHIP NATIONAL BANK MEMBERSHIP-Continued The following list shows the changes affecting State bank membership during the month ended February Date Federal reserve district Capital 21, 1930, on which date 1,116 State institutions were members of the svstem: No. 2—NEW YORK 1930 | Date Federal reserve district Capital Jan. 18 ! Guar A d b ia s n o rb N e a d t io by n al B r B o a o n k k l y o n f T N r e u w s t Y C o o rk ., , m N. e m Y ber. $500,000 25 I National Exchange Bank, Clayton, N. Y 50,000 i First National Bank 50,000 No. 2—NEW YORK i Consolidated under charter of National 1930 '• Exchange Bank and under title of First Jan. 20 Harbor State Bank, New York, N. Y $200, 000 I National Exchange Bank 100,000 Admitted to membership. 25 ! Lafayette National Bank of Brooklyn in New Feb. 15 Murray Hill Trust Co., New York, N. Y 2, 000, 000 I York, N. Y _ 1, 075,000 Consolidated with and under title of Bank of i Prospect National Bank & Trust Co 500, 000 America, N. A. I Consolidated under charter and title of La- ! fayette National Bank 1, 450,000 No. 3—PHILADELPHIA 27 ; The Lincoln National Bank & Trust Co., Syra- 1929 I cuse, N. Y., title changed to Lincoln National Nov. 18 Dollar State Bank & Trust Co., Scranton, Pa 200, 000 ; Bank & Trust Co. Absorbed by South Side Bank & Trust Co., Feb. 15 j Bank of America, N. A., New York, N. Y 35, 775,300 nonmember. I Murray Hill Trust Co., member 2,000, 000 1930 Consolidated under charter and title of Bank Feb. 3 North City Trust Co., Philadelphia, Pa 500, 000 : of America, N. A 36, 775,300 Admitted to membership. No. 3—PHILADELPHIA No. 4—CLEVELAND I 1929 Dec. 11 Ardmore National Bank & Trust Co., Ardmore, Feb. 1 ; Geneva Savings Bank Co., Geneva, Ohio., title I Pa 300,000 ! changed to Geneva Savings & Trust Co. j I Succeeded by Ardmore Title & Trust Co., 5 Security Bank, Portsmouth, Ohio 300,000 ! nonmember. Consolidated with Central National Bank. 1930 Jan. 20 j First National Bank, Dallastown, Pa., title No. 7—CHICAGO changed to First National Bank & Trust Co. 22 First National Bank, Bethlehem, Pa., title Jan. 15 • State Bank of Shannon, Shannon, 111 50,000 changed to First National Bank & Trust Co. : Peoples State Bank, Shannon, 111 40,000 25 The Williamsport National Bank, Williamsport, Consolidated and succeeded by the First i Pa., title changed to Williamsport National State Bank, nonmember. I Bank. 31 ; Whiteside County State Bank, Fulton, 111 50, 000 Feb. 1 ! The National Bank of Chester County, West ! Suspended. | Chester, Pa., title changed to National Bank Feb. 17 ! 1 Lille R y e S o t p a e te n e B d a . nk, Tecumseh, Mich _. 40, 000 1 j Th o e f C U h n e i s o te n r N C a o t u i n on ty a l & B T a r n u k s , t C H o u . ntingdon, Pa., I title changed to Union National Bank & Trust No. 9—MINNEAPOLIS j Co. 1 ! First National Bank, Fleetwood, Pa., title Feb. 20 Bank of Philip, Philip, S. Dak. 50, 000 ! changed to First National Bank & Trust Co. Converted into First National Bank. j No. 4—CLEVELAND No. 10—KANSAS CITY Feb. 7 i Jamestown State Bank, Jamestown, Kans. 25, 000 Jan. 25 N Fi e r w st C N a a r t l i i o s n le a l B B an a k n , k n o o f n N m e e w m C be a r rlisle, Ohio 3 2 0 5 , , 0 0 0 0 0 0 Voluntary withdrawal. Consolidated under charter of First National Bank and under title of New Carlisle Na- No. 11—DALLAS tional Bank 25, 000 Feb. 3 First National Bank in Logan, Ohio, title changed Jan. 25 Fanners State Bank, Clifton, Tex., absorbed to First-Rempel National Bank of Logan. First National Bank _ 40,000 Central National Bank of Portsmouth, Ohio 200,000 27 Citiz S e u n c s c e S e t d a e te d B b a y n F k i , r M st a S y ta p t e e a B rl, a n T k e , x nonmember. 25, 000 Secu C ri o t n y s B ol a id n a k t , e m d e u m n b d e e r r charter of Central Na- 300,000 tional Bank and under title of Security No. 12—SAN FRANCISCO Central National Bank 500,000 Hatfield National Bank, Hatfleld, Pa., title Jan. 23 Valley Bank, Phoenix, Ariz., title changed to changed to Hatfield National Bank & Trust Valley Bank & Trust Co. Co. 27 Bank of Commerce, Everett, Wash— • 150,000 No. 5—RICHMOND Consolidated with Everett Trust <fc Savings Bank, nonmember. Jan. 15 First National Bank, Portsmouth, Va 300,000 Absorbed by American National Bank. Feb. 1 Planters National Bank, Rocky Mount, N. C, NATIONAL BANK MEMBERSHIP title changed to Planters National Bank & The following list shows reported changes (except Trust Co. No. 6—ATLANTA suspensions and insolvencies) affecting national bank membership, concerning which information became Jan. 20 National Bank of Sylvania, Ga.._ ; 25,000 available between January 21 and February 24, 1930: Absorbed by Sylvania Banking Co., non- i member. I Barnett National Bank, Avon Park, Fla • 50,000 Primary organization. I Date Federal reserve district Capital No. 7—CHICAGO j No. 1—BOSTON Jan. 2 Creston National Bank, Creston, Iowa j 100,000 1930 Absorbed by First National Bank in Creston. I Feb. S Torrington National Bank, Torrington, Conn $300,000 15 First National Bank, Fredericksburg, Iowa 30,000 Torrington Trust Co., nonmember 200,000 Absorbed by First State Bank, nonmember. i Consolidated under charter of Torrington 20 The Second National Bank, Saginaw, Mich., | National Bank and under title of Torring- title changed to Second National Bank & Trust j ton National Bank & Trust Co , 400, 000 Co. ! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

129 MARCH, 1930 FEDERAL RESERVE BULLETIN NATIONAL BANK MEMBERSHIP—Continued NATIONAL BANK MEMBERSHIP—Continued Date Federal reserve district Capital Federal reserve district Capital No. 7—CHICAGO—Continued No. 10—KANSAS CITY—Continued 1930 1930 Jan. 20 First National Bank, Hartsville, Ind ; $25,000 Feb. 5 First National Bank, Lewellen, Nebr $50,000 Absorbed by Hope State Bank, Hope, Ind., j Conversion of Bank of Lewellen, nonmember. nonmember. Nebraska National Bank, Grand Island, Nebr. — 1 100,000 20 East Side National Union Bank, Jackson, Mich-. 100,000 Conversion of Nebraska State Bank, non- Absorbed by National Union Bank & Trust member. ! i Co. ; American National Bank, Sidney, Nebr 50,000 30 j First National Bank, Sioux Rapids, Iowa j 50,000 Conversion of American Bank, nonmember. i Succeeded by First National Bank in Sioux First National Bank, Cozad, Nebr _. 50, 000 j Rapids. i Conversion of The Farmers State Bank, non- Feb. 1 I Abram Rutt National Bank, Casey, Iowa ! 50,000 member. j Absorbed by Citizens Savings Bank, non- I 20 First National Bank, Bushnell, Nebr j 25,000 ! member. ; Conversion of American State Bank, non- | 20 | City National Bank & Trust Co. of Niles, Mich., member. ; j title changed to City National Bank & Trust ! Traders National Bank, Kansas City, Mo 200,000 j Co. of Niles. Gate City National Bank 200, 000 21 i Commercial National Bank, Peoria, 111 1,125,000 Consolidated under charter of Traders Na- • Merchants & Illinois National Bank \ 600,000 tional Bank and under title of Traders Gate Consolidated under charter of Commercial i City National Bank of Kansas City 400,000 National Bank and under title of Com- ; mercial Merchants National Bank & Trust No. 11—DALLAS Co. of Peoria : 2,000, 000 1929 Dec. 23 Winfield National Bank, \Vinfield, Tex 25, 000 No. 9—MINNEAPOLIS Absorbed by First National Bank, Mount Pleasant, Tex. Jan. 5 First National Bank, Grand Meadow, Minn : 28 ! First National Bank, Tishomingo, Okla 25, 000 Ab m so em rb b ed e r. by Exchange State Bank, non- ; 25, 000 Farm S e u r c s c v e i e i d le e d N b a y ti o F n ir a s l t B S a ta n t k e , B F a a n rm k, e r n s o v n il m le e , m T b e e x r. .. 50,000 24 Citizens National Bank, Watertown, S. Dak., Absorbed by First National Bank. ; title changed to Citizens National Bank & 1930 j Trust Co. Jan. 15 First National Bank, Crandall, Tex 50,000 28 Farmers & Merchants National Bank of Mil- . Absorbed by Citizens National Bank. ! bank, S. Dak ' 25 City National Bank, Whitesboro, Tex., title Succeeded by Farmers & Merchants National changed to Whitesboro National Bank. | Bank in Milbank. 75, 000 25 I First National Bank, Clifton, Tex 40, 000 29 First National Bank in Minot, N. Dak., title ; Absorbed by Fanners State Bank, member. changed to First National Bank & Trust Co. , 30 | First National Bank, Whitesboro, Tex 50,000 in Minot. Absorbed by Whitesboro National Bank. 31 Freeborn County National Bank & Trust Co., 30 First National Bank, Crosby ton, Tex 50,000 i Albert Lea, Minn ! Absorbed by Citizens National Bank. j Succeeds Freeborn County State Bank, non- Feb. 11 First National Bank, Leonard, Tex 75,000 j member. 100, 000 Absorbed by Leonard National Bank. Feb. 4 | The Transportation Brotherhoods National 13 First National Bank, McKinney, Tex 100,000 ! ! Ba A n b k s , o M rb i e n d n e b a y p oli M s, a M rq i u n e n t te National Bank, : 200, 000 17 Red P R ri i m ve a r ry N a o t r i g o a n n a i l za B t a io n n k . , Clarksville, Tex 100,000 ; member, and Marquette Trust Co., non- : Primary organization. ! member. 21 First National Bank, Durant, Okla.. 100,000 20 i First National Bank, Philip, S. Dak 50, 000 Commercial National Bank 100,000 i Conversion of Bank of Philip, member. Consolidated under charter and title of First 21 i Security National Bank, Sioux Falls, S. Dak., National Bank 100, 000 title changed to Security National Bank & , Trust Co. No. 12—SAN FRANCISCO 1929 ! No. 10—KANSAS CITY Nov. 14 Florence National Bank, Florence, Calif 75,000 1929 i Absorbed by Bank of America of California, ! Dec. 30 j The City National Bank, Davis, Okla. 25, 000 Los Angeles, nonmember. | Succeeded by City Exchange Bank, non- Graham National Bank, Graham, Calif 75, 000 ; member. Absorbed by Bank of America of California, 1930 I Los Angeles, nonmember. Jan. 9 I Peters National Bank, Omaha, Nebr 200, 000 1930 i Absorbed by Omaha National Bank. Jan. 3 National Bank of Hermosa Beach, Calif 50,000 21 I Peoples National Bank, Liberal, Kans 50, 000 Absorbed by Bank of America of California, | Peoples State Bank 25, 000 Los Angeles, nonmember. i Consolidated under charter and title of First National Bank, Ilealdsburg, Calif.. 100,000 • Peoples National Bank 50, 000 Absorbed by Bank of America of California, 25 Farmers National Bank, Grant, Nebr 30, 000 Los Angeles, nonmember. Conversion of Farmers State Bank, non- 16 First National Bank, Anaheim, Calif. - 200, 000 i member. Absorbed by Bank of America of California, 28 j American National Bank, Kimball, Nebr Los Angeles, nonmember. ! Conversion of American State Bank, non- Feb. 1 The Montesano National Bank, Montesano, j member. Wash., title changed to First National Bank in 28 ! National Bank of North Kansas City, Mo,, title • 100, 000 Montesano. I changed to National Bank & Trust Co. 21 First National Bank, Yakima, Wash... 300, 000 Feb. 1 ; American-First National Bank, Stillwater, Yakima National Bank 250, 000 j Okla., title changed to First National Bank. Consolidated under charter of First National 1 : First National Bank of Iola, Kans Bank and under title of Yakima First ! Absorbed by Iola State Bank, nonmember. National Bank 500, 000 50, 000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL KESERVE BULLETIN MARCH, 1930 The Comptroller of the Currency presents the follow- one or more of the fiduciary powers named in section ing summary of increases and reductions in the number 11 (k) of the Federal reserve act as amended, as foland capital of national banks during the period from lows: (1) Trustee; (2) executor; (3) administrator; January 25 to February 21, 1930, inclusive. (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which N be u r m o - f Amount of State banks, trust companies, or other corporations banks capital which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. New charters issued $805,000 Kestored to solvency 200,000 Increase of capital approved l 5,125,000 . Dis- I Ag to g r s e o g l a v t e e n c o y f , n a e n w d b c a h n a k rt s e i r n s c , r b ea a s n i k n s g r c e a s p to it r a e l d .. 46 6,130,000 Location t N ri o c . t i Name of bank g P r o a w nt e e r d s Liquidations 30 2,930,000 Reducing capital2 5 I 385,000 Canaan, Conn 1 Canaan National Bank 1 to 9. Total liquidations and reductions of capital.. Fort Fairfield, Me 1 Fo B rt a nk. Fairfield National 1 to 9. Lancaster, N. H 1 Lancaster National Bank 1,2, 4 and 9 oonsolidation of national banks under act of Nov. Allendale, N. J 2 First National Bank _. 1 to 9. Co u 7 n , n s 1 d o 9 e l 1 r i 8 d a a c t t i o o n f o F f e b n . a 2 ti 5 o , n 1 a 9 l 2 7 b anks and State banks I j j 4 6 3 4 7 , , 7 5 0 5 0 0 , , 3 0 00 0 0 N C e la w y t Y on o , r k N , . N Y . ._ Y ; ' 2 2 F F o i B r r s t a t n G k r N . ee a n ti e o n N a a l tio E na x l c h B a a n n g k e 1 1 9 t t o o .1 9 3 . , 5 to Total consolidations i 10 42, 250, 300 in New York. Coatesville, Pa ; 3 National Bank of Coates- 1 to 9. Aggregate increased capital for period.... -I 6,130,000 ville. Reduction of capital owing to liquidations, etc.. -| 3,315,000 Gap, Pa _ 3 Gap National Bank Ito9. Net increase 2, 815, 000 H Ci a r t c f l i e e v ld il , l e P , a O . h .. i o • 3 4 H Fi a r t s f t i e N ld a t N io a n t a io l n B a a l n B k ank 1 1 t t o o 9 7 . and 9 Mobile, Ala i 6 American National Bank & 1 to 9. 1 Includes one increase in capital of $275,000 incident to a consolidation Trust Co. under act of Nov. 7, 1918, also three increases aggregating $1,400,000 Streator, 111 J 7 Union National Bank 1 to 9. under act Feb. 25, 1927. Indianapolis, Ind [ 7 Merchants National Bank.. 1 to 9. 2 Includes three reductions in capital aggregating $275,000 incident to Spencer, Iowa 1 7 Clay County National Bank. 1 to 9. consolidations under act of Nov. 7, 1918. Waupun, Wis ! 7 National Bank of Waupun.. 1 to 9. Freeborn County National 1 to 9. Albert Lea, Minn 9 Bank & Trust Co. Fiduciary Powers Granted to National Banks Aberdeen S. Dak ! 9 First National Bank Ito9. Dodge City, Kans 10 First National Bank in 1 to 9. Dodge City. During the month ended February 21, 1930, the Beaumont, Tex ; 11 First National Bank 5 to 9.1 Federal Reserve Board approved applications of the national banks listed below for permission to exercise 1 Indicates supplementary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

131 MARCH, 1930 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT lln thousands of dollars] 1930 1929 Feb. 28 ! Jan. 31 j Feb. 28 Gold with Federal reserve agents _. 1,619,405 1, 650,164 1,158,031 Gold redemption fund with United States Treasury 54, 297 58,258 66,053 Gold held exclusively against Federal reserve notes. 1, 673. 702 1,708,422 1, 224,084 Gold settlement fund with Federal Reserve Board _. 646,153 650,124 808,843 Gold and gold certificates held by banks _ 644,884 601,166 ! 643,878 Total gold reserves Reserves other than gold.. _ Total reserves Nonreserve cash Bills discounted 1 Bills bought: Outright Under resale agreement. Total bills bought. United States securities: Bought outright - Under resale agreement. Total United States securities. Other reserve bank credit: Other securities Due from foreign banks Reserve bank float3 Total reserve bank credit outstanding.. Federal reserve notes of other reserve banks._ Other uncollected items not included in float. Bank premises _ All other resources.... Total resources.. Federal reserve notes: Held by other Federal reserve banks.. Outside Federal reserve banks Total notes in circulation Deposits: Member bank—reserve account. Government _ Foreign bank Other deposits.. Total deposits. 2,327,442 2,355,710 2,408, 597 Deferred availability items. 583,197 511,800 648,607 Capital paid in 171,841 171, 524 151,480 Surplus 276,936 276,936 254,398 All other liabilities 17,925 15,617 : 18,531 Total liabilities 5,033,317 5,042,153 5,146,155 Contingent liability on bills purchased for foreign correspondents 502,969 525,875 : 304,499 FEDERAL RESERVE NOTE STATEMENT I Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 2,027, 350 2,077,092 2,059,164 Held by Federal reserve banks * 371,374 366, 526 394,622 In actual circulation __ 1, 655, 976 1,710,566 1,664,542 Collateral held by agents as securitv for notes issued to banks: Gold ; _ 1,619,405 1, 650,164 1,158,031 Eligible paper _ 594, 683 664,389 1,240,346 Total collateral. 2,214,088 j 2,314,553 2,398,377 i Includes bills discounted for intermediate credit banks as follows: Latest month, $250,000; month ago, $1,009,000; year ago, $12,222,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month, $20,000; month ago, $28,000; year ago, $122,000. i Includes bills payable in foreign currencies as follows: Latest month, $1,038,000; month ago, $1,035,000; year ago, $1,029,000. 1 Uncollected items (exclusive of Federal reserve notes of other Federal reserve banks) in excess of deferred availability items. * Excludes "F. R. notes of other F. R. banks," which are consequently included in "actual circulation." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS 00 ALL MEMBER BANKS—CONDITION ON CALL DATES DECEMBER 31, 1926, TO DECEMBER 31, 1929 [Amounts in thousands of dollars] 1926 1927 1928 | 1929 Dec. 31 Mar. 23 June 30 Oct. 10 Dec. 31 Feb. 28 June 30 Oct. 3 | Dec. 31 |I Mar. 27 June 29 j Oct. 4 j Dec. 31 RESOURCES Loans (including overdrafts) ...22, 652, 044 22, 327,037122, 938,207 23, 226, 513 23, 886, 393 23, 098,936 24,302, 787i24, 325, 010 25,155, 255i24, 944, 641 25, 658,491 26,164,82926,150,061 United States Government securities 3, 388,9633,835,151 3,796,347 3,856,149! 3,977,557 4, 215,822 4,224,730| 4,385,830 4,311,7901 4,453,953 4,154,929 4,021,636 3,862,968 Other securities 5,600, 7085,786,776 6,021,927 6,103,1191 6,382,962 6,373, 630 6, 533,6561 6, 218,145 6,216,890; 5,994,432 5,897,541 5,727,306' 5,920,921 Total loans and investments _ 31,641,715 31,948,96432,756,481 33,185,781 34,246,912 33,688,388 35,061,173 34,928,98535,683,93535,393,026 35,710,961 35,913,771 35,933,950 Customers' liability on account of acceptances 512,945 500, 232 502,024 576, 223 '9, 701 695,3191 710,207 727,258 929. 540i 836, 028 802,188: 988,912: 1,252,147 Banking house, furniture, and fixtures 998, 2121, 012,1031, 036, 7311, 059, 930 1, 067, 200l,077,529| 1,099,210 1,105,558 1,107,2871 1,118,418 l,169,752i 1,175,393 1,190,306 Other real estate owned 173, 727 178, 230 175, 829 180, 546 177,229 180, 511 184,109 178,443! 177, 716 184,873 179,878! 182, 796, 183,989 Cash in vault 522,596 538,305 537, 856 539,137 523, 370 525, 992| 449,198! 519,126| 564, 384: 516, 742 433,491; 497,212 558,450 Reserve with Federal reserve banks 2, 210, 0482, 321,4142, 280, 4392, 319, 736 2, 514,465 2,366,605i 2,342,045: 2,348,018 2,409,367| 2,338,569 2,359,077' 2,321,806 2,373,760 Items with Federal reserve banks in process of collection. 810,250 673, 512 740,816 739, 871 784,391 686, 8811 680, 492| 856, 655 967,836 841, 606 775,822| 923,363 994.373 Due from banks in United States 2, 065, 5181, 1,968,326 2, 077,441 2, 209,831 1,994400,6611999!|| 118,89977 ,2233111 22,002266,225599 2,112244,225522 11,774411,447788 l,885,167j 2,004,938 2,116677,775566 Due from banks in foreign countries (including own branches) 287,104 275,887 255,821 258,337 269,373| 291,490; 286,686 305,299! 287,248 272, 682' 246,996| 263, 834 Exchanges for clearing house and other checks on local banks 2, 077,090l,222,670; 1,912,942 1, 564, 796 1,508,418! 1,311,817 1,447,219 1,634,689| 3,493,061, 2,486,203 1,446,186 2,132, 331 i 2,762,463 R O e u d ts e i m de p t c i h o e n c k fu s n a d n d a n o d th e d r u e ca f s r h o m ite m Un s ited States Treas- 181,593 101, 676, 177, 771 157, 841 200,159 134,916 217,291 163,52- 203, 884; 142, 395 117,298 102,363! 139,056 f urer 32, 785 i 33, 054 33, 281 32,823 33, 025! 33, 001 32, 995 32, 761 32,715 32,828; 32,889 Acceptances of other banks and bills of exchange or 32,480: 32,891 drafts sold with indorsement . 254, 506 205,382 210, 519 265,007 431,968 454,958 436, 486! 433, 668! 677,994 475,155 453,826 551, 587: 735,193 1 Securities borrowed __ 44,345 41,521! 33,539 29, 464 35,212 29, 248 37,733! 36, 5511 35, 947 > 48,844 36, 337 32,592: 35,533 Other assets 504.314 158,4881 168,141 171, 070 197, 666j 186,677 204, 940i 205. 273! 222,1491 229, 751 232,621 198,700; 219. 379 5 Total . 42, 029,644;41,118, 464 42,810,192 43,155, 718 44, 888,140J43, 581,656j45, 091,849 45, 483, 69748,935, 646 46, 673,097 45, 908, 001 47, 305, 588:48,843, 078 LIABILITIES Cappital stock paid in i 2,203,447 2,248,210' 2,273,737! 2,304,708 2,337,780 2,345,5191 2,415,3761 2,453,859: 2,474,223^ 2,563,273 2,646,928 2,739,645: 2,757,113 SSlurplus 1, 955, 349 1,992,174 2,030,342 2,049, 325 29 ,112944 ,0n92f0l!: 92 ,11A4.A4 ,11K829' 92 , O2Q8Z5 , r5.o3c6' i n 2Q,3C892 Q,3O9Q3 9 2,A A4f4\ 0,7 H7O09 , 9 2,K 5AU4.8 1,15*5 5 O 2C, K6f5\ 0Q, Q3P3. 0 9 2«,1 811 19,A 206' 99j 2R,f i48. 6T4>, 16912 U Re n s d e i r v v i e d s e d fo p r r d o i f v it i s d — en n d e s t , contingencies, etc | 785,517 845, 596i 843, 319 940, 505 879,480! 914,114! 924,012j{ 8 1 8 2 6 0 , , 0 0 2 2 0 5 8 15 3 1 2 , , 5 7 6 44 4 ' 9 14 1 4 8 , , 1 2 4 4 5 2 J 1 8 16 8 4 2 , , 8 4 0 3 6 0 9 1 8 4 0 3 , ,6 9 0 2 3 8 ! 9 17 0 7 9 , , 5 2 4 5 8 2 1 Reserves for interest, taxes, and other expenses accrued and unpaid 120,386 139, 315: 128,142 152, 531 128, 757 137, 3451 145,458! 150,438' 120, 676: 157, 144! 148, 825' 172,193: 137, 660 Due to Federal reserve banks 51,445 47,221 53,043 54,402 52, 073 45, 3601 49, 8231 65, 379. 56, 510! 51, 433 51,883 55,720! 54, 458 D D u u b e e ra t n o t c o h o e t b h s a ) e n r k b s a n i k n s f i o n r e U ig n n it e c d o u S n ta tr te ie s s (including own 002,995 ,3 4 8 5 8 1 , , 4 7 4 4 1 7 ' 3, 5 5 0 6 7 7 , , 7 8 3 0 2 0 3, 5 5 8 6 6 7 , , 1 8 9 6 3 9 3,8 7 0 4 8 5 , ,6 2 9 2 1 2 1 | 3,4 6 9 4 5 3 , , 7 3 2 7 2 2 ; - 3,2 6 6 1 3 3 , , 4 7 9 3 4 2 ' 3,4 5 6 08 2 , ,3 5 7 7 7 1 3,,6 5 4 4 9 3 , , ,0! 2 3 7 7 3 ! ; , 3,0 4 7 0 ,0 2 , , 0 6 8 4 4 9 3, 4 09 6 1 4 , , 8 6 7 3 1 9 ! 3,1 4 5 8 3 1 , , 6 0 9 7 6 7 ; ; 3, 5 5 1 7 7 6 , , 6 32 (4 5 Certified and officers' checks outstanding 1,141,102 788,522, 1,064.605 977, 944 839,556 848,064! 787,770 1,041,114 2,184,138 1,739,94' 1 753,620 1,405,446- 1,003,562 Cash letters of credit and travelers' checks outstanding. 20,499 25,015! 41, 696 26, 391 21,641 29,015! 43,177 27,7338i ' 23i 128, "''27^385| 43,182 27,613| 23,460 Demand deposits ____17, 638, 648 16, 830, 709 17, 735, 244 17, 374, 426 18,170,140 17, 304, 64617, 606, 564 17, 501,43018, 903. 658 17, 708, 269 17,814, 603 17, 937,47818, 861, 582 Time deposits 11,439,859|ll, 817,69412, 209,834 12,459, 248 12, 764, 79812,922, 63813, 438, 585 13, 409, 608^13, 453', 31113,328, 712 13, 325,06613, 317, 64913, 233,481 United States deposits.. 2""3"4 ,1"1" 6 '4 06,850: 217,622 "4*3-5 ,'4"7 5 266,9811 86,032 256,681 158,76'1 ! ~~2~6 1",5"0' 5! 410,867 --3.4.7—, 9 6<7•! —3- 15-,~4.79j 143, 203 Agreements to repurchase U. S. Government or other securities sold _ 32, 537 13,248: 17,967 17, 845 32, 7851 21, 375 18,103! 95,161; 134,084: 102,423 103, 758 149,090 j 136,957 Bills payable and rediscounts: With Federal reserve banks 640, 262 463,900^ 440, 565 457, 758 583, 266 485,874 1,095, 997J l,019,789! 1,040,608 981,434 1,029,391' 899, 311 646, 334 Allother 119,604 82,5331 100,683 70,457 80,209; 95,018, 113,440, 134,1271 121,5701 117711,660011 168,975 250, 587 232,188 Acceptances of other banks and bills of exchange or drafts sold with indorsement 254, 5061 205,382 210, 519 265, 007 431,968! 454, 958: 436, 4861 433,665! 677, 994 475,155 453,826 551, 580! 735,193 Acceptances executed for customers 515,046! 505, 586 503, 595 575, 636 721, 473' 705,001 716,270: 717, 9311 928, 329: 846,370 800,423! 984,670; 1,276,159 Acceptances executed by other banks for account of reporting banks _ 35,917 29, 013 32, 042 26, 075 22, 318 26,008; 28, 235j 41,417' 43,636 45,025 42,075 j 40,400 J 29, 647 National-bank notes outsta nding 645,956 642,067 650,445 649, 390 649,877 646,162i 648,6021 648,0461 649,893! 647,354 648,944! 640,610! 645,562 Securities borrowed ___ __ ._ 44,345 41, 546 33, 564 29,471 35,936 29,352 37, 782! 36, 556 35, 947 48, 844 36, 337| 32, 592 35, 533 Other liabilities _. 148,108 153,695 147, 696 135,062 191,169 201, 899 166, 726: 189, 692 209,109 224,581 238,116 214,946 245, 585 Total 42,029,644 41,118,464 42,810,192 43,155, 718 44,888,140J43, 581, 656 45,091, 849145,483, 697 48, 935,646 46, 673, 097 45,908,001147,305,588 48,843,078 Number of banks j 9,5 9,144 9,099 9,087 9,034] 8, 983 8,929: 8, 896 8,837j 8, 755 8, 707 8,616 8, 522 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS CONDITION OF NATIONAL AND OF STATE MEMBERS ON DECEMBER 31, 1929 [Amounts in thousands of dollars] All member banks National banks * State bank members uentrai Other I Central Other Central Other Total re c s i e t r y ve re c s i e t r y v e j ! C b o a u n n k t s ry Total re c s i e t r y v e j j re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry banks banks I banks < banks banks banks Loans (including overdrafts) '26,150,061 | 8,130,237 084,286 8,935,538iil5,136,414 3,039,04515,443,178! 6,654,191 11,013,647 5,091,192 3,641,108 2,281,,347 United States Government securities jj 33,,88662,,96688 ! || 1,2,22288,,333333 3,6,7,885 1,266,750 2,608,865 574,0201 970,910 1,063,935 1,254,103 654,313; 396,975 2"0~2,815 OOtthh er securiities t i e s! 592092!1 15 ,91210,792201719 1,172,079 1,557766,446622 3,172, 3801 3, 839, 049| 452, 546j 872, 638i 2, 513,865 2,081,872 719,5331 703,824 658, 515 Total loans and investments 35,933,950 110,530,64912, 028,633 1333,377446,66688!!21,584,328j 4,065,61li7,286,726 10,231,991 14,349,622 6,465,038 4,741,907 3,1'422,;677 I CC O E D E O C D R BB t h x e a uu e t u u u a h k s c m s ss n e e t h e e i sh tt k s oo r i f r f a i d r r v i mm n n w o n o r e e g e g m m e e i a v h ce w t rr h l h sh a s s b b i f o ' u e e t f a a F u h c s ll o lt n ii n t s k e r aa a e k k F s d bb t l c , s s e e i e f i a i l f r d ll e i i n u o ii a i n n a e tt d tr l w yy r r n i U f a r n on o i e l oo h t g n e t r s u nn h e r d i e e r i he t r g aa e e g s ro v cc , n e d u e cc c r a s v o a o c S d b n es e o uu t a d h f a u nn a d b n _ t n tt n f i a e k i t td s oo n s x r e t i ff t h k mo e i u s n aa s t r sh cc e . p cc ( e s (i r ee r g i n h o pp c c k c tt l h e aa u s e nn d s c cc i k ee o n s ss f g o l c t l o ! n o w ll l n e o b c c b t a i r l o a k n b n I a c n h 1 k e) 1 s sj ) _ 9 2 0 7 3 6 0 2 6 4 | j ! I j I I I ! ! 2 6 | 2 2 2 1 11 6 3 , , , , ,, 1 1 3 7 3 22 9 2 1 5 1 6 9 7 6 , 55 6 9 8 2 5 3 0 7 8 3 2 22 3 4 3 8 2 9 , , , , ,, , , , , 3 7 5 7 4 1 , 1 8 3 9 4 0 0 5 6 4 6 4 6 3 7 8 5 5 6 6 5 7 0 7 3 4 3 9 0 6 0 I | I 2 2 1 ,1 2 9 2 9 4 3 2 13 , 0 5 8 2 2 9 1 1 3 7 5 3 4 8 0 5 5 0 2 2 5 3 , , , , , , , , , , , 99 0 3 9 6 3 7 6 5 0 2 5 8 2 7 7 9 3 5 6 5 4 3 7 4 9 9 3 0 7 6 0 4 ; 4 2 4 9 7 5 1 8 5 5 3 4 8 3 4 6 1 5 6 1 3 5 7 7 4 6 9 , , , , , , , , , , 4 1 3 2 3 3 3 0 3 2 4 9 6 8 9 3 4 8 1 9 4 0 4 7 6 7 3 9 7 8 ! | 1 1 ] j | i 6 9 5 3 1 1 1 2 0 2 3 1 2 0 1 5 1 6 4 8 9 2 7 1 6 2 , , , , , , , , , , 4 3 6 0 8 4 7 2 3 2 3 4 5 7 2 9 9 9 4 0 9 9 7 7 3 7 0 2 2 4 - ! | ! ! ] ! : , I 1 1 1 , , , 1 3 3 5 6 7 1 1 5 9 2 9 8 8 4 1 6 6 9 3 3 0 2 7 3 5 5 8 0 , , , , , , , , , , 1 0 6 6 3 5 8 5 0 5 4 4 2 7 4 3 9 3 0 2 0 6 7 0 9 1 9 5 2 0 ! 3 7 3 1 1 9 5 7 8 3 1 7 8 4 8 7 8 0 5 3 5 9 2 0 , , , , , , , , , , 9 9 1 3 1 3 2 3 0 6 9 1 7 5 3 5 6 8 0 9 7 9 2 3 4 9 6 1 9 3 : 1 * ! 1 j ! ; | 4 2 2 2 7 1 3 7 6 2 0 2 3 9 6 5 0 7 6 9 0 8 2 9 4 7 8 , , , , , , , , , , 0 8 3 1 2 6 7 2 7 5 1 7 0 8 5 8 8 6 5 9 2 2 9 9 0 7 9 9 3 5 ! ; ! 1 ! ' 4 4 2 7 9 8 9 1 1 7 2 5 5 5 8 2 2 4 8 4 1 6 9 , , , , , , , , , , 7 1 4 3 6 2 9 8 2 6 5 8 0 7 0 1 6 3 9 7 4 7 6 2 8 2 9 6 6 1 ! ! 1 1, , 0 4 6 4 6 1 5 2 1 0 8 4 6 6 2 3 6 5 0 2 8 0 6 3 4 4 9 , , , , , , , , , , 3 2 6 4 1 7 3 3 7 7 7 9 4 7 3 1 9 3 1 4 7 4 5 1 4 2 0 6 0 6 ;! 1, 6 2 2 5 1 3 4 1 1 7 1 1 4 7 7 9 4 2 3 7 2 3 4 2 7 , , , , , , , , , , 8 2 3 8 0 6 5 6 6 5 8 0 7 1 0 4 8 2 1 7 9 6 4 0 8 3 0 1 5 0 ! i ; ; i 2 2 1 1 1 7 2 3 3 5 5 6 4 5 4 9 7 6 3 9 5 5 2 7 , , , , , , , , , , 1 4 2 0 1 4 8 9 4 6 7 3 7 2 8 0 0 7 3 4 5 1 1 8 4 3 0 5 0 3 1 1 1 3 6 3 4 2 5 1 1 6 4 8 5 1 5 3 3 5 , , , , , , , , , , 6 7 4 0 6 4 2 5 7 7 1 4 2 8 5 5 5 0 3 0 9 5 1 0 6 0 2 1 4 1 Redemption fund and due from United States Treasurer _ 32,889 2,0441 7,825 23,020| 2,044J 7,825i 23,020 Acceptances of other banks and bills of exchange or drafts sold with ! indorsement 735^93 647,432 84, 522 3,239!j 230,961: 176,941i 51, 547: 2,473 504, 232 470,491j 32,975 766 Securities borrowed. 35, 533 211 23, 738 11,5841! 26,985 i 198 18,784; 8,003 8, 548; 13> 4,954 3,581 Other assets _ 219,379 84, 521 87, 352 47,506 i 104,100J 28,980 44,171! 30,949 115,279| 55, 541! 43,181 16,557 Total 48,843,078 16, 614,456 15,958,135 16,270, 487jj28, 839, 582! 6, 345,057;9,973, 778 12, 520, 74720,003,496: JlO, 269, 399 5,984, 357 3,749,740 LIABILITIES Capital -stock paid in.__ _ I 2,757,113 893, 781 867,837 995,495!! 1,701,048, 554,440! 777, 726 1,056,065: 524,899 j 313,397 217,769 Surplus _ 2,864,612 1,138,815 860, 810 864,987! 1,546,323 433, 625, 459,249! 653,449 1, 318, 289 i I 705,190| 401, 561 211,538 Undivided profits—net __ _ | 909,548 321, 702 243, 273 344,5~7 3!! 496,475' 82,045, 144, 460 269,970 413,073! I 239,657i 98,813 74,603 Reserves for dividends, contingencies, etc _ | 177,252 67, HO! 56, 733 53,409|i 91, 576- 22, 355 32,333! 36,888 85,676!! 44, 755: 24,400 16, 521 Reserves for interest, taxes, and other expenses accrued and unpaid- 137,660 56, 736 44,135 36,789 71,839 i 20, 326 i 27,221' 24,292 65,821! 36,410 16,914 12,497 Due to Federal reserve banks _ 54,458 10 10, 474 43,974 42,908: 8, 542 34,366 11,550: 10; 1,932 9,608 Due to other banks in United States _ _ 3,517,325 1, 508, 284 1, 603, 756 405, 2851 2,165,717: 646,4431,192, 326! 326,948! 1,351, 608; 861,841: 411,430 78,337 Due to banks in foreign countries (including own branches) : 576,664 523, 381: 50,451 2, 832! 257, 863.i 216, 583 39, 0941 2,186! 318,801! 1 306, 798! 11, 357 646 Certified and officers' checks outstanding... _._ _ : 1,603,562 1,195,333 283, 723 i 124, 506! 686, 545 :j 401, 748! 193, 680. 91,117 917,017,! 793, 585! 90,043 33,389 Cash letters of credit and travelers' checks outstanding _; 23,460:! 17, 223 5,834! 403! " 734 4,191 5.362, 181 13,726;! 13,032! 222 Demand deposits... 18,861,582 7, 057, 844 5,970,365! 55,, 833, 373'11, 074, 485-,2, 769, 749 3,841,339; 4, 463, 397 7,787,0971! 288, 09512,129, 026 1,369,976 Time deposits i 13, 233,481 1, 755, 014 4,888,0591 6,590,408: 8,419, 021 650, 006 2,737, 023!5,031,992 4,814,460!! 105,008J2,151,036 1,558,416 United States deposits... _ .; 143, 203 27,999, 75, 878: 39,326; 100,588!| 10, 440 57, 567j 32, 581 42, 615 !| 17,559! 18,311 6,745 Agreements to repurchase U. S. Government or other securities sold.! 136,957 67, 5451 53, 535 15, 877 31,981|| 700! 24, .168! 7,113 104,976! 66,845' 29,367 8,764 Bills payable and rediscounts: : j With Federal reserve banks___ .: 646,334 149,108: 242,078 • 255,148 425, 576! 79, 777; 148, 616: 197,183 220, 758 j 69,331! 93,462 57,965 All other _ ' 232,188 71, 050 49, 622' 111,516 120,011 15, 025: 24,992 79,994 112,177: 56,025! 24, 630 31, 522 Acceptances of other banks and bills of exchange or drafts sold with 1 indorsement ! 735,193 647,432 84, 522! 3,239 230,961 j 176,941' 51, 547: 2,473 504,232, 470,491 i 32,975 766 Acceptances executed for customers 1,276,159 967,450 292,812' 15,897 626, 497; 385,098 230, 798 10,601 649,662; 582,352| 62,014 5,296 Acceptances executed by other banks for account of reporting banks. 29,647 14,340 13, 561 i 1,746 12, 525j 5,142 6, 050! 1,333 17,122! 9,198 7,511 413 National-bank notes outstanding 645,562 j 39,407 153,124; 453,031 645,562! 39,4071 153,124! 453,031 Securities borrowed _| 35,533 211 23, 738! 11, 584 26,985' 198! 18, 784 8,003 8,548i| 13 4,954 3,581 Other liabilities _ ._ i 245,585 94,681 83,815! 67,0891 55,362 16, 376 23,063; 15,923 190, 223! I 78,305| 60, 752 51,166 Total 48,843,078 16,614,456 15,958,135 16, 270,487 28,839, 582;6,345, 057 9,973,778,12,520, 747 20,003,496 jlO, 269,399 5,984,357 3,749, 740 Number of banks.. 8,522 j 73| 458: 7,991 7,403! 34 323! 7,046 1,119 135 945 1 Member banks only, i. e., exclusive of national banks in Alaska and Hawaii. CO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1929, BY FEDERAL RESERVE DISTRICTS CO [Amounts in thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - RESOURCES Loans (including overdrafts) --26,150,061 1,910,499 9,096,589 1,859,014 2,409,537 974,173 854,7813,770,101 955,428 563,024 804,011i 713, 786 2, 239J,, 118 United States Government securities 215,919 1,342,844 193,436 405,738 124,446 115,228 408,055 114,777 134,771 180, 676: 131,631 4•9"5",447 Other securities _.. 5,920,921 434,340 1,876,770 634,271 640,130 178,940! 144, 721 756,330 266,675 213,129 227,205 90, 741 457,669 Total loans and investments - 35,933,950 2,560,758 12,316,203 2,686, 721 3,455,405 1,277,5591,114, 73'0 41,,934,4861,,336,880 910,9241,,211,892 936,158 3,119922;,234 Customers' liability on account of acceptances. 1,252,147 102,892 877,457 27,750 24,866 11,840 18,647 97,591 2,977 13,135 788 i 9,361 Banking house, furniture, and fixtures 1,190, 306 71,584 301,250 102,190 145,397 64, 206 60,126 176,133 40, 655 24,195 43, 772] 46,610 114,188 Other real estate owned _ .. 183,989 7,175 21,348 22,093 27,052 16,207 14, 628 24, 239 12,722 6,684 7,429! 9,570 14,842 Cash in vault - 558,450 43,343 126,146 45,221 60,607 28,137! 27,316 84,737 23,419 19,912 27,400 25,032 47,180 Reserve with Federal reserve banks.. _ 2,373,760 142,707 984,256 137,069 180,470 68,293! 64,132 331,335 80,055 56,998 87,748; 65,016 175,681 Items with Federal reserve banks in process of collection- _.. 994,373 79,456 438,058 65,629 85,287 43,6311 26,952 103,364 41,979 7,767 36,986 31,065 34,199 Due from banks in United States.._ _ 2,167, 756 143,446 294,989 118,092 156,348 100, 586 131, 722 330,241 113,421 105,999 209,416 148,127 315,369 Due from banks in foreign countries (including own branches).._ 263,834 20,925 193,082 2,932 3,743 476 1,868 25, 715 581 1,557 975 564 11,416 Exchanges for clearing-house and other checks on local banks 2,762,463 67,124 2,063,942 96,995 65,718 26, 629 23,561 185,457 28,426 13,384 27,705 19, 749 143,773 I Outside checks and other cash items ..- 139,056 16,710 24,692 4,417 11,029 3,595 8,264 26,959 4,411 5,518 4, 532; 5,526 23,403 Redemption fund and due from U. S. Treasurer 2,268 4,341 2,784 3,984 2, 2,345 4,379 1,660 1,358 1,628! 2,375 3,104 Acceptances of other banks and bills of exchange or drafts sold with indorsement 735,193 31,062 622,519 6,247 8,908 3,614 8,025 39,814! 2,005 532 1,132 154 11,181 Securities borrowed - 35,533 303 689 547 9,386 3,061 1,934 7,289! 4,409 103 493 i 1,083 6,236 Other assets 219,379 9,285 94,647 26,937 17,009 4,766 4,907 20,324 5,197 6,403 4,132! 1,442 24,330 Total. 48,843,078 3,299,038 18,363,619 3,345,624 4,255,209 1,655,263 1,509,157 6,392,063 1,698, 797 1,174,469 1,666,028 1,301,832 4,181,979 LIABILITIES Capital stock paid in 2,757,113 193,305 956,761 182,799 233,815 112,470 101,735 379,657 111, 532 64,645 92,4621 95,797 232,135 w Surplus 2,864,612 176,883 1,243,996 369,590 290,272 86,927 72,605 288,267i 62,966 35,770 45,001! 48,220 144,115 d Undivided profits—net 909,548 72,377 399,715 83, 278 76,758 28,525 21,817 85,268; 28,582 15,806 21,210 23,230 52,982 R Re e s s e e r r v v e e s s f f o o r r i d n i te v r i e d s e t n , d ta s x , e c s o , n a t n in d g o e t n h c e i r e s e , x e p t e c n ses accrued and unpaid. 1 1 3 7 7 7 , , 6 2 6 5 0 2 1 11 2 , ,7 2 2 6 2 9 5 5 2 7, , 8 1 3 9 6 3 1 6 3 , , 7 5 7 0 8 2 1 1 2 7 , , 7 6 9 4 2 2 7,79_9_ 2 2, , 9 9 7 8 5 7 3 25 7 , , 3 2 1 9 8 6 ; 1 3 5, , 9 5 3 3 0 4 3 3 , ,7 6 3 5 2 0 3 3 , , 7 2 0 5 1 1 4 2 , , 3 9 1 2 7 8 1 6 1 , , 0 6 7 97 0 Due to Federal reserve banks _ _.- 54,458 9,374 15,152 6,341 6,232 7,083 3,119 268 26 30 2,454 991 Due to other banks in United States.— l 3,517,325 157,150 1,282,779 193,836 211,349 . 128,169 140,694 491,133 167,004 101,143 237,851 131,048 275,169 A T D U D C C i g e a n e u m r s r m e i t h e t e i e e a t f d o i l m n d e e d e d b t e S p t a n e t d o a n a t r e s s n s t k p i e d s t t o s o s o f o s i d n i r f c t e f e s r i p f p c e o o e u d r r s e r i s i t c i ' t g h s a n c a n h s d c e e o c t k u U ra s n . v t o r e S i u l e . e t s s r G t s ( a ' o i n n c v d c h e i l o r u n n c g d k m i s n e g o n u t o t w s o t r n a n o b d t r h i a n e n g r c h s e e s c ) u rities 1 1 3 8 1 , , , 5 2 8 1 6 7 2 3 6 4 0 6 3 3 1 3 3 , , , , , , 6 4 4 2 5 5 6 6 8 0 6 8 4 0 1 3 2 2 1,4 9 3 1 3 1 7 4 2 5 9 , , , , 4 9 1 3 6 f 3 0 9 2 7 " 9 8 1 1 3 1 3 7 1 , , , 1 1 3 4 9 9 7 2 9 1 6 4 8 6 8 5 , , , , 1 , , 1 2 2 2 6 4 1 8 5 1 0 1 9 0 1 6 7 1 ! | j 1 ' l, , 1 0 5 3 1 6 0 3 4 0 9 , , , , , 1 7 1 7 3 1 5 3 3 8 5 0 6 0 0 9 9 3 1 1 , ,6 4 2 5 6 1 0 5 3 5 0 3 , , , , , , 6 2 1 8 8 1 4 8 7 1 8 0 2 5 8 4 0 6 5 56 6 1 15 2 2 2 , , , , 0 4 5 7 5 6 0 1 2 7 0 4 6 3 6 2 7 4 5 3 5 1 1 9 1 4 3 4 , , , , , 0 7 8 6 0 1 1 1 4 3 5 7 l 5 6 1 8 0 * i l 2 2 , , 4 0 4 1 7 2 7 4 8 8 2 4 6 , , , , , , 9 0 4 4 8 7 2 9 6 1 4 5 0 2 4 7 2 6 1 ; ; 5 t 6 2 1 7 2 0 3 5 , , , , 0 9 7 8 4 0 7 5 0 3 5 1 7 5 3 5 4 4 4 2 5 1 1 1 1 7 0 , , , , T 6 4 9 8 1 1 3 0 2 " 3 4 2 6 8 5 3 7 3 5 9 3 7 0 9 , , , , 8 1 3 0 2 1 7 2 5 7 8 1 9 4 9 6 8 1 .2 6 2 3 1 4 4 6 1 1 0 , , , , , 5 8 1 8 5 1 6 5 6 1 1 1 0 0 2 1 1 1 ,7 35 9 7 2 1 7 0 6 1 1 4 , , , , , , 4 1 0 6 0 6 7 1 2 2 9 6 1 6 5 2 0 3 sold ._ 136,957 12,129| 77,769| 9,317 16,621 3,969 6,882 3,168 2,494 878 2,249 788 Bills payable and rediscounts: With Federal reserve bank. _ 646,334 39,826 170,915; 66,188 78,462 38,636 29,027 113,005 17,887 10,335 30, 12,912 38,943 All other _ i 232,188 8,705 86,996! 28,123 22,037 9,175 13,296 34,745j 14,080 1,918 4,492 3,590 5,031 Acceptances of other banks and bills sold with indorsement 735,193 31,062 622,519 6,247 8,908 3,614 8,025 39,814' 2,005 532 1,132 154 11,181 Acceptances executed for customers 1,276,159 104,946 892,720 25,472 24,735 12,127 23,415 98,769 2,871 13, 241 793 11,202 65,868 Acceptances executed by other banks for account of reporting banks _...: 29,647 1,532 14,807 i 3,541 794 105 7,317 539 120 24 868 National-bank notes outstanding 645,562 44,119 84,376! 55,049 78,871 52,249 45,632 86,984, 32, 506* 26,830 32,267! 46,400 60, 279 Securities borrowed _ 35,533 303! 689 547 9,386 3,061 1,934 7, 289 i 4,409 103 493 1,083 6,236 Other liabilities... 245.585J 12,922: 95,776| 26,749 7,630 3,073 4,266 51,932| 29, 584 1,954 1,717 1,343 8,639 Total _ _ . 48,843,078 |3,299,038; 18,363, 619|3,345,624 4,255,209 1, 655, 263 1,509,157 6,392,063J1,698,797 1,174,469 1, 666, 028 1,301,832 4,181,979 Number of banks . 8,5221 404 9311 764 795 514 1,186J 571 683 746 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH, 1930 FEDERAL RESERVE BULLETIN 135 ALL MEMBER BANKS—RESERVE POSITION ON DECEMBER 31, 1929 [Amounts in thousands of dollars] Reserve with Federal reserve Net demand deposits banks Ratio of required I Net reserve Class of bank d a is n t d ri c F t ederal reserve j | i e D d o x e f e c p m l b o u a s a s n i i n t v k s d e D ba u n e k t s o , Total de T p i o m s e its p d d lu e e p s m o a t s i n i m t d s e Required Held i Excess 3 p d d l t e e u o p m s o n a t s e i n i m t t d s e \ and Gov- i net 2 (per cent) ! ernment ! deposits! All member banksl 18,861,582 935,446 19,797,028 ! 13,233,481 33,030, 509 2,427, 781 2,373, 760 ! -54, 021 7.4 Central reserve city banks. _ ! 7,057,844 546,333 7,604,177 | 1,755,014 9,359,191 1,041,193 , 995,567 j -45, 626 11.1 Reserve city banks ...! 5,970,365 320, 788 6,291,153 4,888,059 11,179,212 775,757 ; 751,396 -24,361 6.9 Country banks... _ | 5,833,373 68, 325 5,901,698 ; 6,590,408 I 12,492,106 610,831 ' 626,797 I 15, 966 4.9 All member banks: I Boston.. _ _. 1,415,901 I 10,126 1,426,027 | 932,439 2,358,466 149,886 i 142,707 ; -7,179 ; 6.4 New York 7, 378,181 452,180 7,830,361 i3,196,141 11, 026, 502 1,035,152 ! 984,256 I -50,896 I 9.4 Philadelphia _ 1,150,156 26, 643 1,176,799 i 1, 069,359 2, 246,158 134,478 ' 137,069 I 2,591 6.0 Cleveland __ 1, 455, 285 56, 508 1,511,793 !1, 620, 642 3,132,435 183,930 j 180,470 i -3,460 5.9 Richmond _ 562,406 21,150 583,556 562,064 1,145, 620 65,892 ! 68,293 ! 2,401 5.8 Atlanta 559, 715 26, 891 586,606 431,846 1,018,452 63,465 ! 64,132 I 667 6.2 Chicago _ 2,444, 920 130, 858 2, 575, 778 2, 076, 814 4, 652, 592 334,991 ; 331,335 j -3, 656 7.2 St. Louis 675, 855 47,412 723, 267 520, 903 1,244,170 79,434 i 80,055 i 621 6.4 Minneapolis. 421, 614 31,401 453, 015 457, 932 910, 947 51,242 56,998 ! 5, 756 5.6 Kansas City.__ 799, 024 74, 629 873,653 350,359 1, 224,012 86,848; 87,748 i 900 7.1 Dallas 640, 862 34,376 675, 238 224, 511 899, 749 62,225 ; 65,016 : 2,791 6.9 San Francisco __ 1, 357, 663 23, 272 1,380,935 1, 790,471 3,171,406 180,238 • 175, 681 4,557 5.7 I Central reserve city banks: New York 5, 975, 010 442, 648 6,417, 658 1,336,182 7, 753,840 874,381 | 826,520 -47,861 i 11.3 Chicago — 1,082,834 103, 685 1,186,519 418,832 1, 605,351 166,812 , 169,047 2,235 10.4 Reserve city banks: Boston 730,373 6,020 736, 393 270, 646 1, 007, 039 81,758 ; 79, 260 -2,498 8.1 New York 202, 751 202, 751 288,990 491, 741 28,945 j 28,257 -688 5.9 Philadelphia 641, 726 25, 622 667,348 230, 558 897,906 73,652 | 73. 503 -149 8.2 Cleveland 929,495 53,345 982, 840 857,389 1,840,229 124,006 I 118', 720 -5, 286 6.7 Richmond 258, 542 14,179 272, 721 164,967 437,688 32,221 32,415 194 7.4 Atlanta 291,413 23,499 314,912 199,002 513,914 37,461 34,691 -2, 770 7.3 Chicago 687,867 18,511 706,378 738, 536 1,444,914 92, 794 84,353 -8,441 6.4 St. Louis 402,378 36,888 439, 266 237,585 676,851 51,054 i 50,734 -320 7.5 Minneapolis 165,899 27, 203 193,102 100,855 293,957 22,336 i 25,859 3,523 7.6 Kansas City 436, 668 69,375 506, 043 169,991 676, 034 55,704 I 54, 034 -1,670 8.2 Dallas 245, 520 28, 575 274,095 132,668 406,763 31,390 ! 31,720 330 7.7 San Francisco... 977, 733 17, 571 995,304 1,496,872 2,492,176 144,436 \ 137,850 -6, 586 5.8 Country banks: Boston.. 685, 528 4,106 661,793 1, 351,427 68,128 63,447 -4,681 5.0 New York 1, 200,420 9,532 1, 570,969 2, 780,921 131,826 129,479 -2,347 4.7 Philadelphia- 508,430 1,021 1,348, 252 60,826 63,566 2,740 4.5 Cleveland 525, 790 3,163 763,253 1, 292, 206 59,924 61, 750 1,826 4.6 Richmond 303, 864 6,971 397,097 707,932 33,671 35, 878 2,207 4.8 Atlanta 268,302 3,392 232,844 504, 538 26,004 29,441 3,437 5.2 Chicago 674, 219 8,662 919,446 1,602,327 75,385 77,935 2,550 4.7 St. Louis 273,477 10,524 283,318 567,319 28,380 29, 321 941 5.0 Minneapolis. _. 255,715 4,198 357,077 616,990 28,906 31,139 2,233 4.7 Kansas City... 362,356 5,254 180,368 547,978 31,144 33,714 2,570 5.7 Dallas 395,342 5,801 91,843 492, 986 30, 835 33,296 2,461 6.3 San Francisco.. 379, 930 5,701 293, 599 679, 230 35,802 37,831 2,029 5.3 1 Exclusive also of certified and cashiers' or treasurers' checks outstanding and of letters of credit and travelers' checks sold for cash and outstanding. 2 Combined excess of amounts due to banks over amounts due from banks as shown by individual bank reports. When for a given bank, amounts due from banks exceed amounts due to banks, the excess due from can not be deducted in determining deposits on which reserves are computed, and for this reason amounts in this column do not agree with the difference between aggregate amounts due to banks and due from banks. In this calculation the amounts due to banks include due to Federal reserve banks, bankers, and trust companies, certified and cashiers' or treasurers' checks outstanding, and letters of credit and travelers' checks sold for cash and outstanding, while amounts due from banks include items with Federal reserve banks in process of collection, amounts due from banks and trust companies in United States, balances payable in dollars due om foreign branches of other American banks, and exchanges for clearing house and other checks on local banks. s Deficiencies in reserves indicated by a minus (—) sign. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS OF CO NATIONAL AND OP STATE MEMBERS ON DECEMBER 31, 1929 [Amounts in thousands of dollars] All member banks National banks l State bank members Total C r b e e c a s n i e n t r t k y r v a s e l r b O e c a s t i e n h t r k y e v s r e C ba t o r n u y k n s - Total C r b e e c a s n i e n t t r k y r v s a e l Total C r b e e c a s n i e n t t r k y r v a s e l r b O e c a s t i e n h t r k y e v s r e j | C ba t o r n y u k n s - Loans—Total _.. 26,150,061 8,130,237 9,084,286 8,935,538 15,136,414 i|3,039,045 5,443,178j6,654,191 11,013,647 |5,091,192 3,641,108 2,,281,347 Acceptances payable in United States 211, 950 136,811 42, 525 32,614 i 152, 702j 80,916 41,544 30,242: 59, 248" "557895 981 2,372 Bills, acceptances, etc., payable in foreign countries 79, 577 50, 796 24,071 4, 7101 i 39,049; 16,000 18,476 4,573 40, 528 34,796 5,595 137 Commercial paper bought in open market 290,822 25,806 102,469 162,547 I 240,462! 11,503 84,038! 144,921 50, 360 14,303 18,431 17,626 Loans to banks 714,076 410,331 258, 320 45,425! 408,532! 182,682* 189,299! 36,951 305,144 227,649 69,021 8,474 Loans on securities (exclusive of loans to banks) 10,147,866[4,185,691 35,,443399,,800 2!,,522,375! 5,259,792 1, 548,328 1,919, 589 1,791,875 4,888,0742, 637,363 1, 520,211 730, 500 .Real-estate loans:— On farm land 387, 714 1,972, 109,641 276,101 299,264 278 85,290 213,696 88,450 1, 24,351 62,405 On other real estate _ _..; 2,803,281 188,480|l, 428,45011,186,351 1,177, 520 19, 528 547,006 610,986 1,625,761' 168,952 881,444 575, 365 All other loans (including overdrafts) ^ILJ^LZZ5. 3,130,350J3, 679,010J4, 705,415 7, 558, 693 1,179, 810 2, 557, 936 3,820,947 3,956,082 (1,650, "'" L'JL2!' 9JA 884,468 Loans eligible for rediscount with Federal reserve banks : 4,396,904 > 309,913' I,402, 711 jl±684^280 2,957,336 491,153 1,042,066 1,424,117 1,439, 568! 17818J 760 3607645J ~~260,~i63 United States Government securities—Total 3,862,968 ji;228,333 i C ,2667750 2,608,865: 574,020 970,910 1,063,935 1,254,103! ~6547 313 396,975 202,815 Bonds 3,094,275 982,574 !1,112,408 999, 293 2,058, 5671 431", 788 781,953 844, 826 1,035, 708 ;' 550, 786 "3367455 "154,467 Treasury notes 519,983 184, 763! 164. 568 170, 652; 361, 672! 110, 732 119,033 131,907 158, 311 j - 74,031 45, 535 38, 745 Certificates of indebtedness _._! 151,659 25,881 i 66,366 59,412 111,418 12,106 47,034 52, 278 40, 241 j 13, 775 19, 332 7,134 All other 97,051 35,1151 24,543! 37,393 77, 20S, __19»394 _22, 890 34,924 19,843! 1 15,721 _ 1,653 2,469 Other securities—Total _ 1^6,921 M72,079:1 576,462 3,172,380; 3,839,049 452,546 J872,J38 275I3T865 jJ,08M72;! 703,824 658,515 Domestic securities—Total __ ' 5,292^123M)67[385il 441,839:2,782,8991 ~3,355, 706j 389,051 790, 084 2,176, 57J 1,936,417!' 678, 334 651,755! 606,328 State, county, and municipal bonds __J 1,224,030 256,3141 418,967 548, 749 789, 525| 93,941 264,435 431,149 4347565:! 162,373 154,5"32J 117,600 Railroad bonds _ _ _.j 785,867 155,1041 159,493 471,270 I 578,867 99,532 97,835 381,500 207,000i! 55, 572 61, 6581 89,770 A A M S S C O l l t t l o l t o o u h l c c n l o o e k k a i r t t t c h h e o o p i e e r p f f u r a r a o b F l b l t l e t o h i w r d c n e u e a r s d s r r e t s c a r r o a l a v n r n r i p e c d ts s e o e o r c r a t v o h ti e r e o p r b n o a c s r o n a r t k i p s o o n r a b t o io n n _ d s n _ o tes _ _ _ _ _ _ _ _ i ' ! . , 1 1 , 9 1 2 5 6 1 0 6 5 5 5 7 6 5 8 8 0 3 8 , , , , , 0 , 6 , 9 8 4 7 4 5 0 4 4 6 9 1 9 6 7 4 9 4 7 1 1 8 4 6 6 1 9 9 5 1 1 1 2 9 4 , , , , , , , 9 2 8 1 2 4 2 5 0 0 2 2 0 5 5 2 0 2 9 5 4 j ! ! ! 3 2 1 2 5 6 1 1 1 7 3 9 4 9 2 2 2 . , , , , , , 1 3 6 0 4 2 9 8 4 3 6 4 5 9 2 1 5 9 1 3 8 J ! , 6 7 14 3 7 5 6 5 3 7 1 0 7 0 9 6 , , , , , , , 1 1 3 8 0 6 6 8 7 9 0 3 5 2 2 6 5 9 9 6 3 ; !' 6 8 1 1 8 3 9 9 5 1 0 6 9 5 7 4 , 2 2 , , , , , , 1 4 0 0 3 6 5 8 3 9 6 3 1 8 2 2 7 9 7 0 7 ; ! ; ! : 4 2 7 2 l 1 f 4 3 0 1 7 i , , , , , , 2 8 9 3 6 7 8 1 0 8 4 3 5 2 9 9 5 8 7 5 5 1 1 3 5 3 1 0 8 0 8 ( 5 0 3 1 > , , , , , , , 9 4 5 1 9 9 1 7 5 4 7 7 8 4 9 8 0 6 6 6 1_2 5 5 8 4 3 6 5 4 9 , 3 3 4 4 2 7 , , , , , , 2 0 1 6 8 2 7 3 1 2 0 7 8 9 7 3 0 2 0 1 9 4 2 3 6 2 5 9 1 5 7 9 3 9 3 6 9 3 , , , , , , , 3 3 9 4 0 0 6 3 8 7 5 1 8 6 7 0 2 9 2 7 5 ' ; ; . M 1 ; i 1 j 1 18 4 4 1 3 1 1 1 4 9 0 8 5 9 , , , , , , , 0 9 9 7 4 4 7 3 6 5 7 2 7 6 5 7 4 5 0 0 8 1 1 7 2 2 1 6 3 0 6 1 1 1 8 , , , , , , 0 0 8 1 3 3 9 5 0 1 5 2 4 3 6 3 5 7 i i ,1 1 1 1 0 1 4 1 1 7 4 7 1 1 2 3 , , ^ , , , , 4 6 8 4 9 5 0 9 8 1 0 9 6 0 0 0 6 2 8 5 7 Foreign securities—Total : ' "628,798 104,_694 ^134, 623i 389,4811) 483,343! 03,495J "82,554 3377294! 7j "41,199 ~527069 52,187 Government bonds _ ; 304,123 56,822 "59,541:" 187,760! 232, 985 i 31,371 " 39,131 "162,483' 71,138; 25,451 20,410 25, 277 Other foreign securities _ | 324, 675 47,872 _ __-_ i - 250,358 j 32,124 43,423 174,_811! 74,_317;i _ 15, 748 31, 659 _26,910 Demand deposits—Total -KMk^J 7^057,844 5,970^365 5,833,373 j jlM74,485 |2,769,749-3,841,3391463,J97 77787^097 4,288,095 2,129,026 369,976 I C n e d r i t v if i i d ca u t a e l s d o e f p d o e s p it o s s s i u ts b ject to check _ __ _ ._ _ 16,9 2 3 0 5 1 , , 6 6 4 71 36, 6 2 0 7 7 , , 1 4 3 6 7 6 ! ;5,42 4 2 1 , ,0 5 4 2 3 2 i 4,9 1 0 3 5 3 , , 6 4 6 9 1! 1 ! I gf 1 82 4 7 6 , , 4 4 3 9 5 6 |2, 58 1 4 0 , , 8 4 3 2 2 5 3,, 5 2 0 6 1, ,2 8 7 0 2 4 3,7 1 4 0 1 9 , , 2 3 6 3 7 1 , ' 771 5 0 5 8 ,, , 2 1 ;3 4 6 7; ; ; !4,0 1 2 6 3 , , 3 0 0 3 5 51, 92 1 0 4 , ,7 7 7 1 1 8 "1 2 6 4 4 , , 1 3 6 9 0 4 State, county, and municipal deposits.-_ _ : 1,335,485 169, 9811 423,370i 742,134! 961,065*1 101,379 278,182 581, 504 374,4201 68, 602 145,188 160, 630 All other J 388,783 253, 266| _83,_430- 52,087, 139,489 j 73,113 35,081 31, 295 249, 294 180,153 20,792 Net demand deposits i9^"7977028 77604,1776,29l7l53;5,^0l7698; jll, 637, 601 ! 376227887! 4, 089,504 4, 525,210 8,159,427 |47581,"290272017649 3767488 Time deposits—Total ,755,^14j4788870^9 6;59b,408|| ?, 737,023 5,031,992 1^105^008 2,151,036 5587416 States, counties, and municipalities. _ _. 594,896 91, 239 370, 783 132,874 4577647 64,'109 287,367 105,571' 137,849 "27,130 83,416 27, 303 Banks in United States _ ! 95,170 59,149 29,528 6,493 70,381 46,323 24,621 5,437 18,789 12,826 4,907 1,056 Banks in foreign countries 154,009; 140,247: 13,675! 87; 53,736 39,974 13, 675 87^ 100,273 100,273 Other time deposits— I Evidenced by savings pass books _ _. 9,592,096 772, 813 3, 723, 860 5, 095,423, 6,014,176 I 241, 227 1,990,359 3,,778822, , 559900 j 3, 577,920 531,586 1,733, 501 1,312,833 Certificates of deposit 1, 740,944 131,533 410,600 1,198,811: 1, 304, 752 ! 33,074 250,819 1,002200,885599 436,192 98,459 159, 781 177, 952 Open accounts, Christmas savings accounts, etc | 933,902 539,485; 299,0351 95,382 416,350; 216,347 136,901 63,102! 517, 552 323,138 162,134 32, 280 Postal savings _ j 122,464 20, 548! 40, 578! 61, 338: 96^579|j 8,952 _33, 281 54,^46' 25, 885 11, 596 7,297 6,992 Bills payable and rediscounts—Total I 878,522 220,158; 291,700 366,664 ""54575871 "~"" 9 4778 02 7f§7 2777^77 J32,935 125,356 89,487 Bills payable— With Federal reserve banks 453,574 145,342 171,172 137,060' 289,105 77, 027 109,134 102,944! 164,469 68,315 62,038 34,116 All other 214,209 66,150 42,716 105,343; 108,306 i 10,125 22, 394 75,787,; 105,903 56,025 20,322 29, 556 Rediscounts— i With Federal reserve banks. 192,760 3, 766| 70,906 118,088! 136,471 2,750 39,482 94,239J 1,016 31,424 23,849 All other 17,979 4,900! 6,906 6,173i 11, 705 4,900 2,598 4, 207! 6,274 J 4,308 1,966 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, DEMAND AND TIME DEPOSITS, AND BORROWINGS ON DECEMBER 31, 1929, AND OCTOBER 4, 1929, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks Central reserve city banks Other reserve city Country banks banks New York Chicago Dec. 31, i Oct. 4, 1929 i 1929 Dec. 31, Oct. 4, Dec. 31, Oct. 4, Dec. 31, Oct. 4, Dec. 31, Oct. 4, 1929 1929 1929 1929 1929 1929 1929 1929 Loans—Total.. _ 26_»_150»0(J1 ! 26,164,829 6,682,565 6,343,64G 1,447,672 1,510,153 9,084,286 9,085,403 8,J>3jM»3_8_| 9,225,627 Acceptances payable in United States 211,950"] 127,875 58,782" 8,936 "~ 1,320 "" 42, 525 6,191 " 32,614 26,814 Bills, acceptances, etc., payable in foreign countries- 79,577 I 45, 855 32, 964 4,941 3,682 24,071 27, 360 4,710 5, 555 Commercial paper bought in open market 290,822 • 20, 738 8, 374 5,068 3,684 102,469 71, 303 162, 547 144,213 Loans to banks 714,076 i 322, 287 301, 744 88,044 68, 319 258,320 225, 373 45,425 44,865 Loans on securities (exclusive of loans to banks) 10,147,866 i 3,401,289 3, 040, 326 784,402 819, 879 3,439,800 3, 462,110 2, 522, 375 2, 671,452 Real estate loans— On farm land 387, 714 184 920 ; 1,788 I 1,840 1•09,641 110,114 276,101 279, 202 On other real estate 2, 803, 281 169,128 174,861 i 19,352 ! 19,143 !1,428,450 1,360,299 1,186,351 1, 206,119 All other loans (including overdrafts) 11,514,775 2, 595, 209 2,725,675 | 535,141 j 592,286 3,679,010 3.822, 653 4. 705, 415 4, 847,407 Loans eligible for rediscount with Federal reserve banks. 4,396,904 | 4,598,240 1,067,011 1,168,317 I 242,902 | 251,120 j 1,402,711 1,445,653 | 1,684,280 ! 1,733,150 United States Government securities—Total 3,862,968 4,021,636 989,220 l>6,306 | 152,664";1,367,885 1,518,708 ^266,750 ! 1,361,044 Bonds-- 37094,275 ~2, 992,184 ~888,~721 731,723 ! 937853" | 115,995 :1,112,408 1,123,150 999, 293 1, 021, 316 Treasury notes 519,983 ! 664,821 165,624 226,055 19,139 j 33,913 ' 164,568 203,744 170.652 261,109 A C l e l r t o if t i h c e a r tes of indebetedness.. 1 9 5 7 1 , , 0 6 5 5 1 9 j I 2 11 5 3 1 , , 2 3 3 9 9 2 3 2 4 3 , , 2 4 0 7 5 7 291,,677684 \. 2 , ,9 41004 j !j 2,251424 2 6 4 6 , , 5 3 4 6 3 6 1 6 2 8 3 , , 2 5 6 4 9 5 3 5 7 9 , , 3 4 9 1 3 2 1 3 0 4 3 , , 8 7 6 5 9 0 Other securities—Total _._ JM2C921 ! ^727,306 979,445 817,418 192,634 J59,824 1^576,462 1,556,696 JJ, 172,380 Domestic securities—Total 5, 292,123" f 5,1147 902 7[ 177,405 1487694 "1, 441,'839 1,426,114 2,782,899 State, county, and municipal bonds. 1,224,030 i 1,116,276 213,980 _ 42,334 32,227 418,967 398, 681 " 548,749" 555,057 Railroad bonds _ 785,867 787,134 142,487 130,311 12,617 10,290 159, 493 161,238 471,270 475, 773 Other public service corporation bonds Q05,606 902, 764 65, 215 139,833 16,014 10,113 174,192 177,459 650,185 653,554 All other bonds _ _ 1,253,469 1,227.883 179, 559 61, 638 14,846 17,928 319,685 320, 222 739, 379 752,398 Stock of Federal reserve banks 170,517 166; 686 54,123 137,335 8,102 8,012 52, 253 50, 700 56,039 56,208 Stock of other corporations 558, 794 503,848 192, 022 51, 766 7,080 5,091 212,069 203, 337 147,623 140,100 Collateral trust and other corporation notes.. 166, C49 154,060 30,525 155,320 11,427 627 62,441 62,914 61,656 65,371 Municipal warrants _ 168,947 169, 501 7,683 25,148 54,117 53,395 29,341 31,958 77,806 65,653 Allother__ 58^844 86,750 4,386 18,495 10,868 ll 13,39_8_ 19,605 30,192 _3(U61 foreign securities—Total _ _. 628,798 | 612,404 19, 465 25,773 15,229 j j 134,623 _389L481 I "398,893 Government bonds 304,123 | 303,407 48,114 "71,799 8, 708 ~ 7, 773 "59,541 ~~6l7~34T 187, 760" "193,496 Other foreign securities 324,675 j 308, 997 41,351 3 40 1 , , 0 7 0 9 2 7 6, 521 3,357 75, 082 69, 241 201, 721 205, 397 Demand deposits—Total 18t 861,< j 5,975,010 5,129,611 1,082,834 1,086,382 5^970,365 I 5,793,988 5,^27^497 A I S C n t e l a d l r o t i t e v i t f , h i i d c c e a u o r t a u e l n s t d o y e f , p a d o . n _ e si p d _ t o s m s s i u u t b n j i e c c ip t _ a t l o d c e h p e o _ c s k its 1 1 6 , , 3 2 3 9 8 0 3 3 8 1 5 5 , , , , 7 6 4 6 8 7 8 4 3 1 3 5 j1 1 6 , , 3 2 1 1 5 2 6 8 7 4 7 8 , , , , 9 3 0 1 0 7 4 5 4 7 5 2 i I ' j ; : ' . 5 2 1 , 4 2 5 2 8 7 7 4 , , 4 , 8 7 , 1 2 4 3 1 6 4 2 6 4"4," 2 8 3 2 7 0 0 3 5 0 , , . , 6 1 2 5 7 2 7 4 5 5 1 0" 1,0 4 3 2 4 3 3 , , , , 0 4 1 2 2 4 3 3 1 0 6 7 1,03 3 8 8 6 2 , , , , 0 7 7 8 6 7 2 2 1 6 4 1 5,4 4 8 2 4 2 2 3 3 1 , , , , 0 4 3 5 4 3 7 2 3 0 0 2" 5, 4 2 0 6 3 8 5 8 3 , 6 , , , 6 2 2 8 2 2 4 9 7 2 2 7 4,9 7 1 0 5 4 3 5 2 2 3 , , , , 6 0 1 4 8 6 3 9 7 4 1 1 5,0 7 1 0 4 5 2 5 0 2 8 , , , , 7 9 4 2 4 8 7 8 5 9 9 4 Net demand deposits..- 19,797,028 A.5S7,184_! l7l86, 519 1, 217, 021 6,291,153 ~57996,858 Time deposits—Total __ 13,233,481 j 17373,642 I7418,832^ 4,888,059 6,7677892 States, counties, and municipalities 594,896" 491,095 33,154 20,250 I 58,085 72,400 370,783 258,123 : 132, 874 140,322 Banks in United States 95,170 111,148 39, 688 46,980 I 19,461 22,168 29, 528 35,176 ; 6,493 6,824 Banks in foreign countries 154,009 112,405 133,197 92,942 ! 7,050 13, 675 9,521 I 87 14 Other time deposits- Evidenced by savings pass books , 9, 592,096 9,603, 720 617,125 633,232 155, 688 184,070 3, 723, 860 3,653,139 I 5,095,423 5,133, 279 Certificates of deposit _._ 1, 740,944 1,743,212 77,162 79,503 54, 371 56, 334 410, 600 388,368 1,198,811 1, 219,007 Open accounts, Christmas savings accounts, etc. 933,902 1,136,043 417,421 482, 634 122,064 117,893 299, 035 325,970 95, 382 209, 546 Postal savings _- 122,464 120,026 18,435 18,101 _2Jil3 1, 602 40, 578 41,423 ! 61,338 _58,_900 Bills payable and rediscounts—Total. 878752%" j1,149,898 j, 178,931 165,282 47,819 291,700 366,664 3707737 Bills payable— With Federal reserve banks .. 453, 574 583, 665 111,715 64,937 33, 627 30,019 171.172 336, 697 137,060 152,012 Allother _ 214, 209 226, 742 61,050 85, 624 5,100 2,700 42,716 49,117 105, 343 89,301 Rediscounts— 1 With Federal reserve banks. _ _ 192,760 ! 315, 646 1,266 j 3, 546 2,500 15,100 70, 906 75, 725 118,088 121,275 AUother „ 17,979 i 23,845 4,900 j 11,175 i 6,906 4, 521 6,173 8,149 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Little*Rock/ —BOUNDARIES OF FEDERAL RESERVE DISTRICTS .— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis